Over 60,000 bitcoins confiscated in the largest money laundering case in UK history.
According to Bloomberg, a Chinese national has been sentenced to over 11 years in prison by a London court, following what authorities describe as the largest bitcoin seizure ever carried out in the United Kingdom.
Zhimin Qian, also known by the alias Yadi Zhang, was sentenced to 11 years and 8 months after pleading guilty to illegal acquisition of bitcoins and money laundering. British law enforcement seized approximately 61,000 bitcoins, according to the Crown Prosecution Service.
Between 2014 and 2017, prosecutors said Qian orchestrated a fraudulent investment scheme in China, scamming around 128,000 people for approximately £600 million, of which roughly £20 million was converted into bitcoin.
After fleeing China, Qian moved to the UK, where she met Jian Wen, who had previously been convicted of money laundering. Together, they attempted to purchase multi-million-pound properties in London.
However, they faced difficulties converting bitcoin into cash due to KYC/AML requirements. To overcome these obstacles, Qian allegedly enlisted the help of Malaysian national Seng Hok Ling, prosecutors reported.
According to The Guardian, Qian spent years evading police, traveling across Europe, and staying in luxury hotels. She was eventually located in New York, and both she and Ling were arrested in April 2024. Ling received a sentence of almost five years after pleading guilty to a money laundering charge.
“Together, Zhimin Qian and Seng Hok Ling caused suffering to thousands of victims to finance their luxurious lifestyles,” said Attorney General Lord Richard Hermer KC.
