Man and woman jailed for their roles in multibillion-pound fraudulent Bitcoin scheme

A landmark Met investigation involving the single largest confirmed cryptocurrency seizure in the world – affecting thousands of victims – has seen two more people sentenced for their crimes.

It follows a seven-year investigation by the Met’s Economic Crime team into international money laundering.

Zhimin Qian, 47 (04.09.78), of no fixed address was sentenced to 11 years and eight months imprisonment for one charge of possessing and one charge of transferring criminal property, namely crypto-currency, under the Proceeds of Crime Act (2002).

Seng Hok Ling, 47 (06.03.78) of Morningside Walk, Matlock, Derbyshire, was handed a four years and 11 month sentence for transferring criminal property, namely cryptocurrency, under the Proceeds of Crime Act (2002).

Between 2014–2017, Qian orchestrated a large-scale fraud in China, defrauding over 128,000 victims. She went on to convert a portion of the illegally obtained funds into cash, jewellery and Bitcoin, before fleeing to the UK under an assumed identity.

Following intelligence in 2018 about the attempted realisation of criminal assets in London, investigators worked tirelessly to build a case of evidence against her.

This investigation led to the Met recovering over 61,000 Bitcoin from Qian – the largest confirmed crypto seizure in the world, currently worth around £5 billion. Civil recovery proceedings against the bitcoin are ongoing.

Will Lyne, The Met’s Head of Economic and Cybercrime Command, said:

“This outcome is the result of seven years of dedicated investigation by specialist teams from across the Met.

“There is no doubt this is one of the largest and most complex economic crime investigations we have ever undertaken, and today’s sentence would not have been possible without working closely with our partners from the Crown Prosecution Service, National Crime Agency and Chinese law enforcement.

“Organised crime groups are using cryptocurrency to move, hide, and invest the profits of serious crime - but every crypto transaction leaves a trace, and the Met works meticulously with partners to follow that digital trail, identify assets and bring offenders to justice.

“Our message is clear – criminal assets are not safe in the UK. The Met remains committed to protecting the public and this outcome shows the lengths we will go to secure justice for victims.”

The Mayor of London, Sadiq Khan, said:

“Cryptocurrency fraud is worth billions, fuels international money laundering and props up organised criminal gangs, so I welcome this significant intervention by the Met.

“It’s vital all our law enforcement agencies work closely and effectively against all those intent on misusing virtual currency for illegal activity.

“I encourage all Londoners impacted to follow the Met’s key crime prevention advice, stay vigilant online and report any illegal or suspicious activity online to Action Fraud to help build a safer London for all.”

Security Minister, Dan Jarvis, said:

“Money laundering isn’t just against the law; it puts real people at risk and lines the pockets of criminals.

“This tough prison sentence should make anyone thinking of getting involved in these crimes think twice. My thanks go to the Metropolitan Police and CPS for their vital work ensuring justice was served.

“This government is going to keep working side by side with our partners to recover stolen money and help make our streets safer for everyone.”

Neil Colville, Unit Head Prosecutor in the Serious Economic Organised Crime and International Directorate of the Crown Prosecution Service, said:

“Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct. This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.

“The imprisoning/sentencing of Zhimin Qian and Seng Hok Ling marks the culmination of many years of complex and detailed work by both the Metropolitan Police and the Crown Prosecution Service. The fact that the defendants pleaded guilty are testament to the thoroughness of the investigation and prosecution.

“The CPS will now work to ensure, through criminal confiscation and civil proceedings, that the criminal assets remain beyond the fraudsters’ reach to firstly freeze and then look to seize the very large quantity of cryptocurrency and other assets, currently worth around £4.8 billion, used by Zhimin Qian to fund her extravagant lifestyle.

“The CPS is committed to working closely with law enforcement and investigatory authorities, to bring to justice individuals and companies who engage in laundering criminal proceeds of a cryptocurrency fraud.”

If you think you’ve been a victim of fraud, please follow the Met’s key crime prevention advice:

• Verify the credentials of the person or company offering the investment, including using the FCA website, independent reviews and checking URLs and contact details to ensure criminals aren’t mimicking legitimate companies.

• Do not be rushed into making investments and take the time to check the legitimacy of both the investment and the company first. Criminals use urgency to push decisions.
• Understand the investment. If it sounds too good to be true – such as being offered high returns with low risk – it probably is.

If anyone has become a victim, you can report it via Action Fraud - Reporting fraud and cyber crime | Action Fraud

For more information on the Met’s crime prevention booklet on investment fraud please go to: The Little Booklet of Investment Scams.

Click on the FCA ‘ScamSmart’ Investment checker to determine whether a company is known to be fraudulent: ScamSmart - Avoid investment and pension scams | FCA