UK’s Largest Bitcoin Money Laundering Case: Chinese Businesswoman Zhimin Qian Sentenced to Over a Decade in Prison

A London court has delivered a landmark verdict in the United Kingdom’s largest-ever Bitcoin money laundering case, sentencing Chinese businesswoman Zhimin Qian to 11 years and 8 months in prison. Qian was convicted on charges including the illegal acquisition of cryptocurrency and extensive money laundering operations.

The £600 Million Cryptocurrency Scam

Operating under the alias Yadi Zhang, Zhimin Qian masterminded a colossal cryptocurrency investment scam in China between 2014 and 2017. This fraudulent scheme victimized over 128,000 individuals, amassing an estimated £600 million in illicit gains. A significant portion of these proceeds, approximately £20 million, was subsequently converted into Bitcoin, forming the core of the money laundering operation.

In September this year, Qian pleaded guilty to the charges of illegally acquiring cryptocurrency and money laundering. According to a statement from the Crown Prosecution Service (CPS), law enforcement authorities successfully seized a staggering 61,000 Bitcoins, valued at approximately $6.2 billion at the time of the seizure. This marks a monumental achievement in the fight against crypto-related financial crime.

Will Lyne, Head of the Metropolitan Police’s Economic & Cybercrime Command, underscored the gravity of the seizure in a statement: “This is by far the largest cryptocurrency seizure by UK law enforcement to date, and also the largest money laundering case in UK history by value.”

A Global Pursuit and Failed Laundering Attempts

Following the exposure of her massive fraud, Zhimin Qian evaded authorities by fleeing China in 2017 using a forged passport, eventually entering the United Kingdom. In September of the following year, she partnered with Jian Wen, an employee from a Chinese takeaway, in an elaborate attempt to liquidate the stolen Bitcoin and launder the funds through real estate purchases. However, their efforts were repeatedly thwarted by stringent Know Your Customer (KYC) verification processes imposed by banks, which hindered the conversion of the digital assets into tangible wealth.

Prosecutors revealed that Qian then enlisted the assistance of another accomplice, Senghok Ling, to facilitate the transfer of these substantial crypto assets. During her period on the run, Qian reportedly maintained a remarkably high-profile, indulging in lavish travel across Europe, staying in top-tier hotels, and living an extravagant lifestyle—a tactic she presumably hoped would help her evade police detection.

Ultimately, Zhimin Qian’s fugitive status came to an end in New York, where she was located and arrested in April 2024 alongside Senghok Ling. Ling, who subsequently pleaded guilty to money laundering, received a sentence of nearly 5 years in prison.