Zhimin Qian, 47, defrauded more than 128,000 victims through a scheme in China between 2014 and 2017 and stored the illegally obtained funds in Bitcoin assets, the Met Police said
A woman has admitted money laundering after police made the UK’s largest ever cryptocurrency seizure of Bitcoin worth more than £5.5 billion.
Zhimin Qian pleaded guilty to acquiring and possessing criminal property at Southwark Crown Court on Monday, the Metropolitan Police said. The seizure of the cryptocurrency followed a seven-year ongoing investigation into international money laundering, police added.
The 47-year-old, also known as Yadi Zhang, defrauded more than 128,000 victims through a scheme in China between 2014 and 2017 and stored the illegally obtained funds in Bitcoin assets, according to the force. Scotland Yard said Qian played a leading role in the scam.
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In 2018, the Chinese national came to the UK after fleeing her home country using false documents and attempted to launder the proceeds through purchasing property with the help of Jian Wen in September of that year, police said. Wen, a former takeaway worker, was jailed for her role in the scheme last year after being found with Bitcoin wallets worth more than £2 billion.
Robin Weyell, deputy chief Crown prosecutor for the Crown Prosecution Service, said: “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct. This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.
“Today’s guilty plea by Zhimin Qian marks the culmination of many years of complex and detailed work by both the Metropolitan Police and the CPS.” He added: “The CPS is committed to working closely with law enforcement and investigatory authorities, to bring to justice individuals and companies who engage in laundering criminal proceeds of a cryptocurrency fraud.”
Will Lyne, the Met’s head of Economic and Cybercrime Command, said: “Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners. This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally.
“I am extremely proud of the team. Through a meticulous investigation and unprecedented cooperation with Chinese law enforcement, we were able to obtain compelling evidence of the criminal origins of the cryptoassets Qian attempted to launder in the UK.
“My thoughts are with the thousands of victims defrauded in this scheme, and I hope today’s outcome acknowledges the harm Qian inflicted and reinforces the Met’s unwavering commitment to justice.”
Detective Sergeant Isabella Grotto, who led the Met’s investigation, added: “Today marks the result of years of painstaking work. When our team located Zhimin Qian, she had been evading justice for five years, and her arrest triggered a complex investigation requiring evidence from multiple jurisdictions and the careful review of thousands of documents.
“I am immensely proud of the investigation team and our partners who have worked tirelessly on this case. Today’s plea reflects years of hard work across both the UK and China. We are grateful for the support of the National Crime Agency and the Crown Prosecution Service, and to Chinese law enforcement teams in Tianjin and Beijing with whom we have collaborated throughout.”