Chinese National Sentenced to Over 11 Years for Largest Bitcoin Seizure in UK

TLDR

• Zhimin Qian sentenced to over 11 years for laundering Bitcoin worth $6.2 billion in the UK.
• Qian’s fraudulent investment scheme defrauded 128,000 victims of £600 million between 2014 and 2017.
• After fleeing China, Qian and Jian Wen tried laundering money through UK properties and Bitcoin.
• Authorities seized 60,000 Bitcoins, marking the largest cryptocurrency seizure in UK history.
• Qian spent years evading arrest in Europe before being captured in New York in April 2024.

Zhimin Qian, a Chinese national, was sentenced to more than 11 years in prison in London. This follows her conviction for money laundering and obtaining cryptocurrency through illegal means. Authorities seized over 60,000 Bitcoins, valued at approximately $6.2 billion as of this week. This seizure marks the largest cryptocurrency confiscation ever made by law enforcement in the UK.

Fraudulent Investment Scheme in China

Between 2014 and 2017, Qian ran an investment fraud operation in China. The scheme defrauded around 128,000 victims of £600 million, with £20 million converted into Bitcoin. The operation targeted investors, leading to significant financial losses for many individuals. Prosecutors have described Qian’s actions as part of an extensive and organized money laundering network.

After fleeing China, Qian moved to the UK, where she began collaborating with Jian Wen. Wen, who had previously been convicted for money laundering, worked with Qian on purchasing multi-million-pound properties in London. Despite their efforts to launder the money, they faced obstacles due to the stringent know-your-customer regulations. To circumvent these challenges, Qian enlisted the help of Senghok Ling to help transfer the Bitcoin into cash.

Evading Arrest and Final Capture

Qian spent years evading authorities while traveling across Europe. She stayed in luxury hotels and frequently visited tourist destinations. Despite these efforts, investigators were able to track her down. In April 2024, she was arrested in New York, along with Senghok Ling, who had assisted her in the money laundering operation. Ling was later sentenced to nearly five years in prison after pleading guilty to one count of money laundering.

The seizure of over 60,000 Bitcoins marks a crucial milestone in law enforcement’s efforts to combat cryptocurrency-related crime. Will Lyne, head of the Metropolitan Police’s economic and cybercrime command, confirmed this case as the largest cryptocurrency seizure in UK history. The operation highlights the increasing use of cryptocurrency for illegal activities and the growing challenges law enforcement faces in tracking and seizing digital assets.

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