The Metropolitan Police have secured the largest known cryptocurrency seizure globally, valued at over £5.5 billion ($7.43 billion), following a thorough seven-year probe into international money laundering.

Zhimin Qian, 47, a Chinese national, was found guilty at Southwark Crown Court on September 29 after admitting to acquiring and possessing criminal property, specifically cryptocurrency, under the Proceeds of Crime Act (2002). Qian, also referred to as Yadi Zhang, led a significant fraud scheme in China from 2014 to 2017. During this time, she deceived over 128,000 individuals, converting the stolen funds into Bitcoin.

Multi-Year Fraud Operation

The inquiry commenced in 2018, prompted by intelligence regarding the movement of illicit assets, leading to the recovery of 61,000 Bitcoin from Qian. After escaping China using false identification, she entered the UK, where she attempted to launder the stolen funds by purchasing real estate, reportedly aided by an accomplice, Jian Wen.

Following the guilty verdict, Will Lyne, head of the Economic and Cybercrime Command at the Met, stated:

“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.”

Qian is now in custody and will face sentencing at a later date.

Accomplice Jailed Too

In a related investigation into international cryptocurrency fraud, influencer Jian Wen was sentenced last year for her role in the operation. Evidence from the Met’s economic crime team showed that she facilitated the transfer of a cryptocurrency wallet containing 150 Bitcoin, valued at approximately £1.7 million ($2.3 million) at the time.

Southwark Crown Court sentenced her on May 22, 2024, to a term of six years and eight months in prison.