Zhimin Qian, 47, has pleaded guilty in connection with a Bitcoin fraud worth £5 billion ($6.7 billion).
Chinese national Zhimin Qian, also known as Yadi Zhang, admitted to charges of illegally obtaining and possessing cryptocurrency at Southwark Crown Court in London. The Metropolitan Police stated that between 2014 and 2017 in China, Qian defrauded over 128,000 victims, storing the stolen funds in Bitcoin.
Police noted that Qian, 47, pleaded guilty following a seven-year-long international money laundering investigation. A total of 61,000 Bitcoin were seized from Qian.
The investigation began in 2018 after a tip-off regarding the transfer of criminal proceeds. Detective Sergeant Isabella Grotto explained that Qian evaded justice for five years and that her arrest required a complex investigation spanning multiple countries.
Qian entered the United Kingdom using false documents after leaving China and attempted to launder the stolen money by purchasing property.
Accomplice and Money Laundering Activities
According to the investigation, Qian was assisted by Jian Wen, a Chinese takeaway worker. Wen was sentenced last year to six years and eight months in prison for her role in the crime. Wen laundered the proceeds of the fraud and moved into a “million-pound rented house” in North London. She also bought two properties in Dubai worth £500,000.
While the Crown Prosecution Service (CPS) claimed that Wen had bought the properties on behalf of an employer in China, the large amount of Bitcoin and the lack of evidence regarding its source indicated that it came from criminal proceeds. Police seized £300 million worth of Bitcoin from Wen.
Victims and the Fraud Method
According to a 2024 report by the Chinese media outlet Lifeweek, the victims who invested in Qian’s projects, mostly aged between 50 and 75, invested “hundreds of thousands to millions of yuan.” Qian’s company claimed to be turning China into a financial and technology hub, showcasing its projects and investments across the country.
Some victims, including business people, bank employees, and members of the judiciary, joined Qian’s investment scheme on the recommendation of friends and family. Qian was described by the victims as the “goddess of wealth.”
Criminal Use of Cryptocurrencies
Speaking on the matter, CPS Deputy Chief Prosecutor Robin Weyell stated, “Bitcoin and other cryptocurrencies are increasingly being used by criminals to hide and transfer their assets. This allows fraudsters to benefit from their criminal proceeds.”
According to the BBC report, Weyell emphasized that the case involved the largest cryptocurrency seizure in the United Kingdom, highlighting the massive sums in the hands of criminals.
Investigation is Ongoing
Commander Will Lyne of the Metropolitan Police’s Economic and Cybercrime Command assessed, “This case represents the culmination of years of dedicated investigation.”
British police stated that the investigation is still ongoing and that they are working with the CPS to prevent the fraudsters from accessing the stolen funds. Thanks to a compensation scheme established in China, some victims have had a portion of their money repaid.
Qian remains in custody before sentencing, and a date for the sentence has not yet been set.
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