In one of the biggest cryptocurrency seizures in history, a Chinese national has been convicted in the UK after authorities uncovered a multi-billion-pound fraud scheme. The Metropolitan Police confirmed the recovery of 61,000 bitcoin, valued at more than £5bn ($6.7bn), following a seven-year global investigation.
Zhimin Qian, also known as Yadi Zhang, admitted to illegally acquiring and holding the massive cryptocurrency fortune. Her guilty plea at Southwark Crown Court on Monday marked a decisive moment in what police describe as a “complex, multi-jurisdictional” probe into international money laundering.
Qian’s Global Scam and Years on the Run
Between 2014 and 2017, Qian orchestrated a large-scale investment fraud in China, deceiving more than 128,000 victims, many of whom were urged by friends and relatives to trust her schemes. Victims included business professionals, banking staff, and even members of the judiciary. Chinese media once referred to Qian as the “goddess of wealth”, a title that masked her extensive criminal activity.
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Using false documents, Qian fled China to evade justice, eventually entering the UK. Once in Britain, she attempted to launder stolen assets by purchasing luxury properties. She remained a fugitive for five years before her arrest.
Her lawyer, Roger Sahota of Berkeley Square Solicitors, said Qian hoped her guilty plea would provide some comfort to investors who have waited since 2017 for compensation, pointing out that rising cryptocurrency values mean funds are available to repay losses.
Associates and Money Laundering Network
Qian did not act alone. Malaysian national Seng Hok Ling, of Matlock, Derbyshire, appeared in court on Tuesday and admitted to entering into a money laundering arrangement. Prosecutors said Ling knowingly dealt with cryptocurrency on Qian’s behalf, facilitating her criminal operations. Confiscation proceedings are underway to recover more than £16.2m from him, with the amount to be recalculated in line with crypto valuations before his sentencing in November.
Another associate, Jian Wen, a former takeaway worker, was jailed last year for six years and eight months after laundering Qian’s proceeds. Wen’s lifestyle dramatically shifted as she moved from living above a restaurant to a multi-million-pound rented home in north London. She also purchased Dubai properties worth more than £500,000. Police previously seized over £300m worth of bitcoin from Wen.
UK Crackdown on Crypto Crime
Detective Sergeant Isabella Grotto, who led the investigation, described it as a “painstaking” operation spanning multiple jurisdictions. The case demonstrates how organised criminals exploit digital assets to disguise wealth.
Crown prosecutor Robin Weyell said: “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct. This case illustrates the extraordinary scale of criminal proceeds available to them.”
The UK government has introduced reforms to strengthen authorities’ power to seize and recover crypto assets. Security Minister Dan Jarvis said the conviction sent a “clear signal” that the UK would not serve as a safe haven for global criminals.
Qian remains in custody and is scheduled for sentencing on 10 November, alongside Ling, in a two-day hearing expected to determine how billions in stolen cryptocurrency will be redistributed or recovered.
