A Chinese woman, Zhimin Qian, also known as Yadi Zhang, was convicted of Bitcoin laundering and has been linked to a multibillion-pound fraud in China. She entered guilty pleas at Southwark Crown Court on charges of possessing and transferring criminal property. The plea came on what was scheduled to be the first day of her trial.
The 47-year-old had been under investigation since police seized devices containing 61,000 Bitcoin during a raid in Hampstead, north London, in 2018. The cryptocurrency, now valued at over £5 billion ($6.7 billion), is regarded as one of the most considerable amounts ever confiscated by law enforcement worldwide. Judge Sally-Ann Hales remanded Qian in custody, and sentencing will take place at a later date.
Authorities stated that Qian orchestrated a crypto investment scam in China between 2014 and 2017, defrauding more than 128,000 individuals. Victims invested large sums after being promised high returns. The proceeds were later converted into Bitcoin and stored in wallets that were eventually traced to her UK residence.
Qian fled China in 2017, using false travel documents, and entered the United Kingdom under a passport from St. Kitts and Nevis. The Metropolitan Police located the Bitcoin in 2021 after examining devices seized three years earlier. Qian was arrested in York in April 2024 following several years of evasion.
Investigators revealed that Qian attempted to launder the illicit funds in the United Kingdom with the assistance of Jian Wen, a 43-year-old Chinese national. Wen worked in a takeaway shop before moving into Qian’s residence in Hampstead. She later assisted in attempts to buy property using the digital assets. In 2024, Wen was found guilty of money laundering and sentenced to six years and eight months in jail.
The Crown Prosecution Service has begun civil recovery proceedings to prevent Qian from reclaiming the seized assets. The High Court will oversee efforts to confiscate and redistribute funds linked to the fraud. Law enforcement agencies in both the UK and China collaborated on the case, exchanging evidence across jurisdictions.
Also Read: Six Footballers Under Investigation for $3.4M NFT Crypto Fraud in Spain
Detectives state that the investigation was among the most complex and large-scale money laundering cases ever carried out in the UK. They emphasized that it required a substantial sum of money as the fraud had to be organized internationally, and it involved a record-breaking amount of Bitcoin, which was one of the biggest obstacles to the case.
The police also issued a warning that cryptocurrencies remain a simple method for criminals to conceal and move illicit funds. According to them, the case demonstrates the need for a robust partnership between countries in combating financial crime. In China, thousands of the victims remain yet to receive compensation, and Qian remains in custody awaiting her sentencing date.