A significant development in a lengthy money laundering investigation saw the sentencing of Zhimin Qian, 47, a Chinese woman who orchestrated an extensive investment scam. The Southwark Crown Court in London has handed Qian an 11-year and eight-month prison term, with the case marking a milestone in UK law enforcement’s efforts against cryptocurrency-related crimes.
Police authorities have seized a staggering 61,000 Bitcoin from Qian, which has been identified as the largest cryptocurrency seizure in the UK to date. This operation is one of the most complex economic crime investigations conducted by the Metropolitan Police, according to Will Lyne, head of its Economic and Cybercrime Command.
Qian, also recognized under the alias Yadi Zhang, was found guilty of money laundering and possessing illegally obtained cryptocurrency. The judge, Sally-Ann Hales, outlined that Qian played a pivotal role in defrauding 128,000 individuals out of approximately £4.6 billion between 2014 and 2017 through her fraudulent investment scheme in China. While a portion of the defrauded funds was later recovered in China, it was revealed that Qian misappropriated a significant sum, converting it into a considerable Bitcoin stash.
In 2017, Qian fled China, evading authorities for seven years as she traveled across various countries without an extradition agreement with China. Her attention drew the interest of UK law enforcement in 2018, when she attempted to purchase three luxury properties in London valued at £40.5 million. However, her efforts were thwarted by regulatory compliance issues that raised red flags.
During her time in the UK, Qian disappeared in 2020 but not before police found critical evidence, including a laptop hidden in a safe deposit box, which contained key documents hinting at her extravagant aspirations fueled by criminal earnings. Last year, she resurfaced by utilizing a dormant Bitcoin wallet with the help of Senghok Ling, 47, a Malaysian national residing in the UK.
Police apprehended both Qian and Ling in April 2024, discovering them living an opulent lifestyle. At that time, authorities found Qian in possession of cryptocurrency valued at £62 million, along with a significant amount of cash and two counterfeit passports. Ling received a separate sentence of four years and 11 months for his role in the operation.
Following the sentencing, Richard Hermer, the Attorney General for the UK and Wales, commended the ruling against “two prolific fraudsters” who inflicted considerable suffering on thousands of victims to support their luxurious way of life. The unprecedented value of the case, combined with the sheer scale of Qian’s criminal activities, serves as a reminder of the challenges law enforcement faces in combating complex financial crimes in the digital age.
