Zhimin Qian, a Chinese national, has pleaded guilty to charges related to the acquisition and possession of criminal property, specifically 61,000 Bitcoin, now valued at nearly $7 billion. This significant plea occurred in a UK court and concludes a lengthy, seven-year investigation into international money laundering activities.
Qian, also known by the alias Yadi Zhang, orchestrated a large-scale fraudulent investment scheme that victimized 128,000 individuals between 2014 and 2017. Her criminal activities involved siphoning funds from unsuspecting investors and subsequently converting these illegally obtained assets into Bitcoin. The magnitude of this case has been underscored by authorities, with Will Lyne, head of the Metropolitan Police’s Economic Crime Command, stating, “Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners.” He recognized the case as one of the largest money laundering incidents in UK history and remarked on its global significance in terms of cryptocurrency-related crimes.
Following her departure from China in 2018, Qian entered the UK using false documentation. She was reportedly engaged in laundering her ill-gotten gains through real estate transactions and colluding with a fellow conspirator, Jian Wen. The Metropolitan Police successfully seized 61,000 Bitcoin from Qian between 2018 and 2021, which is now recognized as the largest cryptocurrency seizure in the world. Wen, who was convicted of money laundering last year, has already been sentenced to over six years in prison and is liable for a payment exceeding $3 million.
While civil proceedings concerning the recovered funds are currently underway, challenges persist for the Chinese investors aiming to assert legitimate claims to the assets. A UK legal partner noted that proving proprietary claims in such cases would be “considerable challenge.”
Crown Prosecution Services Deputy Chief Crown Prosecutor Robin Weyell commented on the broader implications of the case, stating, “Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.” She reiterated the commitment of law enforcement and prosecutorial authorities to actively combat the laundering of criminal proceeds derived from cryptocurrency fraud.
Following her guilty plea, Qian has been remanded into custody and awaits sentencing, which is yet to be scheduled.
