UK sentences Chinese scammer after record-breaking Bitcoin seizure

Police seized 61,000 Bitcoin from Zhimin Qian, 47, arsenic portion of a years-long wealth laundering investigation.

The United Kingdom has sentenced a Chinese pistillate to 11 years and 8 months successful situation for a years-long strategy to launder concern scam proceeds into Bitcoin, luxury property, and different assets present worthy astir 4.8 cardinal British pounds ($6.3bn).

Zhimin Qian, 47, was sentenced by the Southwark Crown Court successful London connected Tuesday, successful a lawsuit that saw UK constabulary prehend a record-breaking 61,000 Bitcoin arsenic portion of their investigation.

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Qian, who is besides known by the alias Yadi Zhang, was recovered blameworthy of wealth laundering and possessing illegally obtained cryptocurrency.

Will Lyne, the Metropolitan Police’s caput of Economic and Cybercrime Command, described the lawsuit arsenic “one of the largest and astir analyzable economical transgression investigations ever undertaken by the Met”.

“This is presently the largest cryptocurrency seizure by instrumentality enforcement successful the UK and is the largest wealth laundering lawsuit successful UK past by value,” helium said successful a statement.

UK authorities allege that Qian helped mastermind an concern scam successful China betwixt 2014 and 2017 that defrauded 128,000 radical retired of astir £4.6bn, according to sentencing remarks from Judge Sally-Ann Hales.

Much of the funds were aboriginal recovered by constabulary successful China, but Hales said that a “sizeable magnitude was siphoned disconnected and utilized by” Qian, and transferred into 70,000 Bitcoin stored connected a laptop wallet.

Qian fled China successful 2017, spending the adjacent 7 years connected the run, and travelling betwixt the UK and different countries without an extradition statement with China.

Qian and an accomplice, who has since been sentenced, came to the attraction of UK authorities successful 2018, erstwhile Qian tried to bargain 3 London properties worthy 40.5 cardinal pounds ($53.2m) but failed “know your customer” regulations, according to the Crown Prosecution Service.

Qian disappeared from the UK successful 2020, but not earlier constabulary seized items from a harmless deposit box, including a laptop smuggled from China.

Hales said that documents recovered during the hunt “give an denotation of the level of the defendant’s monthly expenditure, and the grandiose ambitions she held for her aboriginal utilizing the proceeds of her transgression conduct”.

Qian returned to constabulary attraction past year, erstwhile she began to usage a dormant wallet with the assistance of a 2nd accomplice, Senghok Ling, 47, a Malaysian nationalist based successful the UK.

When constabulary arrested Ling and Qian successful April 2024, the brace was surviving a “lavish” manner successful the UK, according to Hales. At the time, Qian was recovered successful possession of 62 cardinal pounds ($81.4m) worthy of cryptocurrency, a ample quantity of cash, and 2 mendacious passports.

Ling was separately sentenced to 4 years and 11 months successful prison.

Richard Hermer, Attorney General for the UK and Wales, connected Tuesday praised the sentencing of “two prolific fraudsters”, who unneurotic “caused misery upon thousands of victims to money their lavish lifestyles”.