Zhimin Qian, a 45-year-old woman also known as Yadi Zhang, has been convicted for her involvement in a significant bitcoin fraud scheme that reportedly defrauded 128,000 individuals in China between 2014 and 2017. Her illicit activities focused on cryptocurrency, leading to what is believed to be the world’s largest seizure of bitcoin, amounting to 61,000 bitcoins, valued at over £5 billion, which was confiscated during a police raid on her Hampstead mansion in 2018.
At Southwark Crown Court, Qian pleaded guilty to acquiring and possessing cryptocurrency classified as criminal property from October 2017 until April 2024. Following her escape from China in 2017 on a forged passport from St Kitts and Nevis, she attempted to launder the money by purchasing real estate in the UK with the assistance of Jian Wen, a 43-year-old worker at a Chinese takeaway, who has since been sentenced to over six years in prison for her involvement in the fraud.
Appearing in court with the help of a Mandarin interpreter, Qian’s sentencing is pending. Wen, who had been living a modest life in Leeds before moving in with Qian in a high-end home, reportedly spent the proceeds from the fraud on luxury items, including a Mercedes and private education for her son, whom she brought over from China.
After the police raid, which uncovered a safety deposit box containing significant amounts of bitcoin, Qian fled the scene. Wen contended she was unaware of the fraudulent nature of the funds and claimed to have been misled by Qian, who had presented her as a legitimate businessperson involved in running a jewellery operation with branches in various countries.
In January of this year, a judge ordered Wen to repay £3 million within three months or face an additional seven years in prison, with the recoverable assets comprising both the bitcoin and two properties in Dubai.
Will Lyne, head of the Metropolitan Police’s economic and cybercrime command, highlighted this case as one of the largest money laundering operations in UK history and a high-value cryptocurrency case globally. He praised the collaborative efforts with Chinese law enforcement that brought to the fore the evidence of the criminal origins of the cryptocurrency Qian attempted to launder. Detective Sergeant Isabella Grotto, who led the inquiry, expressed pride in the extensive and meticulous investigation that enabled justice after years of Qian evading capture.