A Chinese woman, Qian Zhimin, was convicted this week in what is being hailed as one of the largest cryptocurrency frauds ever uncovered globally. The UK court ruling comes after the Metropolitan Police seized a staggering 61,000 bitcoins worth over £5 billion (approximately $6.7 billion) — the largest-ever crypto confiscation.
Qian, also known by the alias Yadi Zhang, pleaded guilty at Southwark Crown Court to acquiring and possessing cryptocurrency that was part of a massive investment scam spanning from 2014 to 2017. The fraud, which targeted more than 128,000 victims in China, saw investors duped into a Ponzi-style scheme where their funds were stolen and funneled into the hands of criminals.
The conviction follows a painstaking seven-year global investigation into the international money-laundering operation. Detective Sergeant Isabella Grotto, who spearheaded the investigation, highlighted the significant cooperation required between international law enforcement agencies to bring Qian to justice. “This was a complex, transnational case, and it took us five years to catch Qian, who had been evading capture using fraudulent documents,” said Grotto.
After fleeing China, Qian attempted to launder the stolen funds by purchasing real estate in the UK. It was during this time that UK authorities were tipped off about suspicious transactions, leading to her eventual arrest. Roger Sahota, Qian’s solicitor, remarked, “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation… There are more than sufficient funds available to repay their losses.”
Qian’s associate, Malaysian national Seng Hok Ling, was also sentenced for his role in laundering funds on her behalf. Following his guilty plea, authorities began proceedings to seize over £16.2 million from him, with the final sum to be adjusted according to fluctuations in the bitcoin market before his sentencing in November.
The case has shaken the cryptocurrency world, further illustrating the dangers of illicit digital asset trading. Robin Weyell, Deputy Chief Crown Prosecutor, noted, “This case serves as a stark reminder that cryptocurrencies are increasingly being used by organised criminals to conceal wealth and evade detection.”
Qian’s case adds to a series of high-profile crypto-related crimes that have plagued the financial landscape in recent years. This includes the February 2025 Bybit hack, where the North Korean-backed Lazarus Group stole $1.5 billion in Ethereum, and the infamous OneCoin scam, which defrauded investors of $4.4 billion.
UK Security Minister Dan Jarvis welcomed the conviction, describing it as a clear signal to criminals worldwide. “Money laundering undermines our economy, erodes public trust, and fuels serious organised crime,” Jarvis said.
