 from a £600 million Chinese investment fraud.){kind=link}
The Southwark Crown Court has sentenced Zhimin Qian, also known as Yadi Zhang, to eleven years and eight months in prison for her role in laundering Bitcoin (BTC) from a £600 million Chinese investment fraud.
British authorities say Qian was the mastermind of a Ponzi scheme that defrauded over 128,000 investors in China.
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UK Sentences Chinese Cryptoqueen
A UK court has sentenced Zhimin Qian, who police said bought cryptocurrency now worth billions using funds stolen from thousands of Chinese pensioners, to eleven years and eight months in prison. Judge Sally-Ann Hales called Qian the “architect of this offending from its inception to its conclusion… your motive was one of pure greed.” The sentencing took place at the Southwark Crown Court after Qian pleaded guilty to the charges of illegally obtaining cryptocurrency and money laundering.
UK authorities described the seizure of over 60,000 BTC linked to the case as the largest cryptocurrency seizure in UK history. The seized assets have an estimated value of around £4.8 billion ($6.1 billion). Qian’s operation ran between 2014 and 2017, during which time she defrauded victims of £600 million ($762 million) through a fake investment scheme in China. Most victims reportedly invested their entire life savings and pension into the scheme, unaware of its fraudulent nature.
Assets Obtained Illegally
Prosecutors added that the large amount of BTC seized, along with a legitimate source for the funds, and Qian’s links to the investment scam, made it clear the assets were obtained through illegal means. Qian converted around £20.2 million ($25.7 million) into BTC before fleeing to the UK. Once in the UK, she lived a lavish lifestyle but struggled to use the stolen cryptocurrency to purchase properties worth millions of pounds as banks flagged issues related to anti-money laundering (AML) and “know your customer” (KYC) checks.
Qian then sought the help of Seng Hok Ling, a 47-year-old Malaysian national, to launder and transfer the cryptocurrency. Ling moved £2.5 million on Qian’s behalf and was sentenced to four years and eleven months after pleading guilty to a money laundering offense.
A Long Investigation
Qian was arrested in April 2024, with authorities recovering cash, gold, encrypted devices, and more cryptocurrency. The arrest was the result of a detailed surveillance effort by the Met Police, which traced Qian’s location in York. Neil Colville, Head Prosecutor in the Serious Economic Organised Crime and International Directorate (CPS), stated,
“Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets. This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
Colville confirmed that the CPS will be pursuing criminal confiscation and civil proceedings to ensure the seized cryptocurrency and other assets remain out of her reach. Meanwhile, Attorney General Lord Hermer KC called the crime “destructive and devastating,” noting,
“Together, Zhimin Qian and Senghok Ling caused misery upon thousands of victims to fund their lavish lifestyles. Thanks to the close partnership between the Met and the CPS, they have secured convictions and seized substantial amounts of cryptocurrency, preventing more victims from coming to harm.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.