TLDR
- Zhimin Qian pleaded guilty to possessing and acquiring bitcoin from a fraud scheme that scammed 128,000 victims in China between 2014 and 2017
- UK authorities seized 61,000 bitcoins worth over £5bn in what police believe is the world’s largest single cryptocurrency seizure
- Qian fled China using fake documents in 2017 and entered the UK where she tried to buy property to launder the stolen funds
- Her accomplice Jian Wen, a takeaway worker, was jailed for six years and eight months in May 2024 for helping launder the money
- The Metropolitan Police investigation began in 2018 after a raid on a North London mansion uncovered digital wallets containing the bitcoin
A Chinese national has been convicted for her role in a bitcoin fraud scheme after UK police seized what they believe is the largest single cryptocurrency haul in history. Zhimin Qian, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court on Monday to illegally acquiring and possessing cryptocurrency.
The 45-year-old ran a large-scale investment scam in China between 2014 and 2017. The fraud targeted more than 128,000 victims who lost money in the scheme.
Qian stored the stolen funds in bitcoin assets. The Metropolitan Police seized a total of 61,000 bitcoins from her, currently worth more than £5bn.
The victims were mostly between 50 and 75 years old. According to Chinese media outlet Lifeweek, they invested hundreds of thousands to tens of millions of yuan into the schemes.
The fraudulent investment programs took advantage of cryptocurrency’s popularity in China at the time. They promised daily dividends and guaranteed profits to investors.
Qian’s company claimed it would help China become a hub for finance and technology. The operation showed off projects and investments it claimed to have across the country.
Some victims included business people, bank employees and members of the judiciary. Friends and family reportedly urged many of them to invest in Qian’s scheme.
Investors knew little about Qian. She was described as “the goddess of wealth” by those who lost money.
The UK Connection
The Metropolitan Police investigation began in 2018 after receiving a tipoff about criminal asset transfers. Officers raided a six-bedroom mansion in Hampstead Heath, North London.
The raid uncovered devices containing digital wallets with vast sums of bitcoin. Police also seized a safety deposit box during the operation.
Qian had fled China in 2017 using false documents. She entered the UK on a bogus St Kitts and Nevis passport.
After arriving in the UK, Qian attempted to launder the stolen money by purchasing property. She recruited Jian Wen, a 43-year-old Chinese takeaway worker, to help with the scheme.
Wen had lived modestly in Leeds between 2011 and 2017 before moving to London. She joined Qian at the Hampstead property, known as the Manor House, in September 2017.
Money Laundering Operation
While helping launder the fraud proceeds, Wen’s lifestyle changed dramatically. She moved from living above a restaurant to the multi-million pound rented house in North London.
Wen drove a Mercedes and flew her son over from China to attend private school. She also purchased two properties in Dubai worth more than £500,000.
The Crown Prosecution Service said the large amount of bitcoin and lack of evidence about its source indicated criminal origins. Wen claimed she bought the properties for an employer from China.
Police seized more than £300m worth of bitcoin from Wen separately. She was convicted and jailed for six years and eight months in May 2024.
Seven-Year Investigation
Detective Sergeant Isabella Grotto led the Metropolitan Police investigation. She said Qian had been evading justice for five years before her arrest.
The case required evidence from multiple jurisdictions. Investigators reviewed thousands of documents during the probe.
The investigation involved cooperation between UK police and Chinese law enforcement teams. Will Lyne, the Met’s Head of Economic and Cybercrime Command, called it one of the largest money-laundering cases in UK history.
Robin Weyell, deputy chief Crown prosecutor, said bitcoin and other cryptocurrencies are increasingly used by criminals to disguise assets. The case illustrates the scale of criminal proceeds available to fraudsters, he added.
A judge ordered Wen to pay back more than £3m in January 2025 or serve another seven years in jail. The Crown Prosecution Service is working to prevent the fraudsters from accessing the stolen funds.
Many victims received some money back through a compensation scheme established in China. Qian is being held in custody and will be sentenced at a later date.
