Woman convicted following world's largest crypto seizure

Woman convicted for her leading role in multibillion-pound fraudulent Bitcoin scheme after landmark Met investigation

The Met Police has made what is believed to be the single largest cryptocurrency seizure in the world, worth, at this time, more than £5.5 billion.

It follows a seven-year ongoing investigation by the Met’s Economic Crime team into international money laundering, which today has seen the leading figure convicted for her crimes.

Zhimin Qian, 47 (04.09.1978), of no fixed address, pleaded guilty at Southwark Crown Court on Monday, 29 September to the following offences under the Proceeds of Crime Act (2002):

• Acquired criminal property, namely crypto-currency
• Possessed criminal property, namely crypto-currency

The seizure results from an inquiry which was launched in 2018 on the back of intelligence received about the transfer of criminal assets, where the Met seized 61,000 Bitcoin from the Chinese national Zhimin Qian (also known as Yadi Zhang).

Between 2014–2017, Zhang orchestrated a large-scale fraud in China through defrauding over 128,000 victims and went onto store the illegally obtained funds in Bitcoin assets.

She then fled China using false documents and entered the UK, where in September 2018 she attempted to launder the proceeds via purchasing property, with the assistance of an assailant, Jian Wen.

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

“Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners. This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally. I am extremely proud of the team.

“Through a meticulous investigation and unprecedented cooperation with Chinese law enforcement, we were able to obtain compelling evidence of the criminal origins of the cryptoassets Qian attempted to launder in the UK.

“My thoughts are with the thousands of victims defrauded in this scheme, and I hope today’s outcome acknowledges the harm Qian inflicted and reinforces the Met’s unwavering commitment to justice.”

Detective Sergeant Isabella Grotto, who led the Met’s investigation, added:

“Today marks the result of years of painstaking work. When our team located Zhimin Qian, she had been evading justice for five years, and her arrest triggered a complex investigation requiring evidence from multiple jurisdictions and the careful review of thousands of documents.

“I am immensely proud of the investigation team and our partners who have worked tirelessly on this case.

“Today’s plea reflects years of hard work across both the UK and China. We are grateful for the support of the National Crime Agency and the Crown Prosecution Service, and to Chinese law enforcement teams in Tianjin and Beijing with whom we have collaborated throughout.”

Robin Weyell, Deputy Chief Crown Prosecutor for 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.

“Today’s guilty plea by Zhimin Qian 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 defendant pleaded guilty today is 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.

“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.”

Last year, as part of the same investigation led by the Met's specialist economic crime officers, Jian Wen was also jailed for her role in the criminal operation. Met investigators proved she had been involved in facilitating the movement of a cryptocurrency wallet, which contained 150 Bitcoin. At the relevant time this was valued at £1.7million.

She was sentenced to six years and eight months' imprisonment at Southwark Crown Court on Wednesday, 22 May 2024.

Today’s landmark conviction demonstrates the work being undertaken by officers and staff, who are using innovative technology to tackle criminal activity linked to serious and organised crime as the Met builds A New Met for London.