A 47-year-old Chinese woman has been sentenced to 11 years and eight months in prison by a UK court for leading a criminal gang behind the country’s largest-ever Bitcoin scam.
The United Kingdom has sentenced a Chinese woman to 11 years and eight months in prison for a years-long scheme to launder investment scam proceeds into Bitcoin, luxury property, and other assets now worth about 4.8 billion British pounds ($6.3bn).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty to two offences — possessing illegally obtained cryptocurrency and laundering more than 60,000 Bitcoins seized by the Metropolitan Police after a long investigation.
UK police have seized a record-breaking 61,000 Bitcoin as part of their investigation.
The Southwark Crown Court in London heard that the huge amount of seized Bitcoin, the lack of any legal source for it, and its link to a large investment fraud in China proved that it was criminal money.
“This is one of the biggest and most complex financial crime investigations we have ever handled,” said Will Lyne, Head of Economic and Cybercrime Command at the Metropolitan Police.
“Criminal gangs are using cryptocurrency to move, hide, and invest the profits of serious crimes. But every crypto transaction leaves a trace, and we work closely with partners to follow the digital trail, find assets, and bring criminals to justice,” he added.
Between 2014 and 2017, Qian was involved in a massive investment scam in China that cheated over 128,000 people and caused losses of about £600 million. She later converted around £20.2 million of the stolen money into Bitcoin.
Qian then escaped to the UK and began trying to buy expensive properties and jewellery through Jian Wen, 43, who was later convicted and jailed for money laundering at the same court.
When they faced problems converting enough Bitcoin into cash, Qian turned to a Malaysian national, Seng Hok Ling, who transferred about £2.5 million for her.
Ling, also 47, was sentenced to four years and 11 months in prison after admitting to one count of money laundering.
Police surveillance of Ling helped officers track down Qian in York, north-east England. Both were arrested in April 2024. The police seized encrypted devices, cash, gold, and more cryptocurrency during the operation.
“Bitcoin and other cryptocurrencies are increasingly used by organised criminals to hide and move illegal assets,” said Neil Colville, Head Prosecutor at the Crown Prosecution Service’s Serious Economic Organised Crime and International Directorate.
“This case — the UK’s largest cryptocurrency seizure — shows the huge profits available to such fraudsters. The CPS will now ensure that the assets, worth around £4.8 billion, remain out of their reach through confiscation and legal action,” he added.
UK Attorney General Lord Richard Hermer praised the court’s decision and called such fraud “a destructive and devastating crime” that harms businesses and the economy.
“Zhimin Qian and Seng Hok Ling caused great suffering to thousands of victims to fund their luxury lifestyles. Thanks to the teamwork between the Met Police and CPS, large amounts of cryptocurrency have been seized and both criminals have been convicted — preventing further harm,” he said.
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