The United Kingdom has handed down a prison sentence of 11 years and eight months to Zhimin Qian, also known as Yadi Zhang, for her role in a multibillion-pound cryptocurrency money laundering scheme. This case involved a record-breaking seizure of 61,000 Bitcoin, marking the largest cryptocurrency confiscation in UK history.
The sentencing took place at Southwark Crown Court in London on Tuesday, concluding one of the most complex and high-value economic crime investigations ever undertaken by the Metropolitan Police.
Massive Cryptocurrency Seizure Highlights Scale of Crime
Authorities say the criminal scheme, orchestrated by Qian, involved laundering proceeds from a large-scale investment scam in China between 2014 and 2017. The scam reportedly defrauded 128,000 investors of roughly £4.6 billion ($6 billion).
Much of the stolen funds were recovered in China, but Qian illegally siphoned off a substantial amount, converting it into cryptocurrency and other assets, including luxury UK properties, now valued at approximately £4.8 billion ($6.3 billion).
Metropolitan Police Economic and Cybercrime Command head Will Lyne described the case as “one of the largest and most complex economic crime investigations ever undertaken by the Met.”
“This is currently the largest cryptocurrency seizure by law enforcement in the UK and represents the highest-value money laundering case in UK history,” Lyne said.
Fugitive Years and International Investigation
Qian fled China in 2017 and spent the next seven years on the run, traveling internationally, including periods in the UK and countries without extradition treaties with China.
Her criminal activity first drew UK authorities’ attention in 2018, when she attempted to purchase three London properties worth £40.5 million ($53.2 million). Her failure to comply with “Know Your Customer” regulations triggered an investigation by the Crown Prosecution Service.
During a raid on a safe deposit box in 2020, police recovered a laptop smuggled from China containing 70,000 Bitcoin, as well as documents detailing Qian’s lavish expenditures and ambitions fueled by her criminal proceeds.
Return to UK Spotlight and Arrest
Qian resurfaced in 2024, using a dormant cryptocurrency wallet with the help of accomplice Senghok Ling, a Malaysian national also aged 47. Both were living lavish lifestyles in the UK when arrested in April 2024.
At the time of arrest, Qian was found with:
- £62 million ($81.4 million) in cryptocurrency
- Large quantities of cash
- Two false passports
Ling was sentenced separately to four years and 11 months in prison for his role in facilitating the money laundering scheme.
“These two prolific fraudsters caused misery upon thousands of victims to fund their extravagant lifestyles,” said Richard Hermer, Attorney General for the UK and Wales, praising the sentence.
Judge Sally-Ann Hales Highlights Scope of Crime
During sentencing, Judge Sally-Ann Hales emphasized the scale and sophistication of Qian’s criminal enterprise:
“A sizeable amount of stolen funds was siphoned off and used by the defendant, converted into Bitcoin, and invested in assets with grandiose ambitions for a future built on criminal proceeds,” Hales remarked.
The judge highlighted Qian’s seven-year evasion of authorities and her audacious attempts to integrate illicit wealth into the UK financial system, illustrating the international reach and complexity of modern cryptocurrency crimes.
Historic Case in UK Financial Crime History
The case sets multiple precedents:
- Largest cryptocurrency seizure in the UK
- Most valuable money laundering case in UK history
- Demonstrates challenges of policing cross-border financial crimes involving crypto
Law enforcement agencies stressed that cryptocurrency is not beyond the reach of the law, and cooperation with international partners was essential in securing Qian’s arrest and conviction.
Summary of Criminal Activity
| Aspect | Details |
|---|---|
| Name | Zhimin Qian (aka Yadi Zhang) |
| Age | 47 |
| Nationality | Chinese |
| Conviction | Money laundering, possession of illegally obtained cryptocurrency |
| Sentence | 11 years, 8 months |
| Accomplice | Senghok Ling, sentenced to 4 years 11 months |
| Bitcoin seized | 61,000 BTC |
| Estimated Value of Assets | £4.8 billion ($6.3 billion) |
| Period of Fraud | 2014–2017 |
| Victims | 128,000 |
Impact and Significance
This case is a milestone in global cryptocurrency law enforcement, illustrating that even complex international money laundering networks can be dismantled with coordinated policing, financial forensics, and international cooperation.
It also serves as a warning to criminals attempting to launder illicit funds through Bitcoin or other cryptocurrencies, showing that authorities are now capable of tracing and recovering digital assets on a massive scale.
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