$7.43 Billion in Bitcoin Seized as Chinese Fraudster Finally Convicted in UK

The Met’s head of financial and cybercrime command stated that this is among the largest cash laundering instances in UK historical past.

The Metropolitan Police have secured what’s believed to be the world’s largest cryptocurrency seizure, valued at greater than £5.5 billion, equal to roughly $7.43 billion, following a seven-year investigation into worldwide cash laundering.

Zhimin Qian, 47, a Chinese language nationwide, was convicted at Southwark Crown Court docket on Monday, twenty ninth September, after pleading responsible to buying and possessing legal property within the type of cryptocurrency underneath the Proceeds of Crime Act (2002). Qian, also called Yadi Zhang, orchestrated a large-scale fraud in China between 2014 and 2017.

Throughout this era, the Metropolitan Police stated that Qian defrauded over 128,000 victims earlier than changing the proceeds into Bitcoin.

Multi-12 months Fraud Operation

The investigation was first launched in 2018 following intelligence on the switch of legal belongings, and led to the seizure of 61,000 Bitcoin from Qian. After fleeing China utilizing false paperwork, she entered the UK and tried to launder the illicit funds by buying property, allegedly with the help of an confederate, Jian Wen.

Following the conviction, Will Lyne, The Met’s Head of Financial and Cybercrime Command, said,

“Right this moment’s responsible plea marks the end result of years of devoted investigation by the Met’s Financial Crime groups and our companions. This is among the largest cash laundering instances in UK historical past and among the many highest-value cryptocurrency instances globally. I’m extraordinarily pleased with the crew. By a meticulous investigation and unprecedented cooperation with Chinese language regulation enforcement, we have been in a position to receive compelling proof of the legal origins of the cryptoassets Qian tried to launder within the UK.”

Qian has been taken into custody and can be sentenced at a later date.

Confederate Jailed Too

As a part of the broader investigation into worldwide crypto-related fraud, Wen acquired a jail sentence final yr for her participation within the scheme. Proof offered by the Met’s financial crime crew revealed that she assisted in transferring a cryptocurrency pockets holding 150 Bitcoin, value £1.7 million on the time, about $2.3 million.

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Southwark Crown Court docket sentenced her on 22 Could 2024 to 6 years and eight months in jail.