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Woman Convicted After Met Police Make World’s Largest Cryptocurrency Seizure
The Case
Zhimin Qian, also known by the alias Yadi Zhang, a 47-year-old Chinese national, has pleaded guilty in a UK court to charges related to a huge multi-billion-pound Bitcoin fraud. The case culminates a long and complex investigation by the Metropolitan Police, involving international cooperation and sophisticated financial crime work.
Nature of the Fraud
• Qian is accused of orchestrating a large‐scale investment scam in China from 2014 to 2017. The scheme defrauded over 128,000 investors, many of whom were led to believe they would receive high returns through some kind of bitcoin-based investment scheme.
• Following the fraud, she converted the proceeds into bitcoin and stored them in digital wallets.
The Seizure
• In 2018, the Metropolitan Police executed a raid of a property in Hampstead, London. They seized devices containing 61,000 bitcoins, now valued at more than £5.5 billion, making this one of the largest single-seizure cryptocurrency hauls in history.
• Investigators say this seizure is “believed to be the single largest cryptocurrency seizure in the world.”
Fleeing and Laundering
• Qian allegedly fled China in 2017 using false documents (a bogus passport) and relocated to the UK.
• In the UK, she attempted to launder the stolen funds by purchasing property, using intermediaries. One of them was Jian Wen, a former takeaway worker, who was later convicted and jailed for her role in laundering part of the proceeds.
Legal Outcome
• Qian pleaded guilty on two counts under the UK’s Proceeds of Crime Act (2002):
1. Acquiring criminal property (i.e. the bitcoins)
2. Possessing criminal property
• Sentencing has not yet taken place. She remains in custody awaiting a judge’s decision on punishment.
Significance
• This case is seen as a landmark in the fight against cryptocurrency-based financial crime. It highlights how fraudsters can use crypto to hide and move large sums internationally.
• The investigation involved detailed cooperation between UK law enforcement and Chinese authorities, showing the cross-border nature of modern financial crime.
• There are ongoing legal proceedings to ensure that the assets seized remain out of reach of those convicted, and efforts to restore losses to defrauded investors.
Attached is a news article regarding a women convicted after met police make largest cryptocurrency seizure
https://www.bbc.com/news/articles/cy0415kk3rzo.amp
Article written and configured by Christopher Stanley
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