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The Metropolitan Police have made what is believed the world’s largest seizure of cryptocurrency – worth £5.5 billion.
A woman has been convicted for her role in a multibillion Bitcoin fraud scheme following an investigation by the force.
The Met’s Economic Crime team spent seven years looking into the international money laundering scheme.
On Monday, Zhimin Qian, 45, pleaded guilty to acquiring and possessing criminal property at Southwark Crown Court.
Police seized 61,000 Bitcoins from the Chinese national, thought to be worth £5.5 billion.
Zhimin Qian (Metropolitan Police)
Met Police said they believe the operation to have been the biggest-ever such seizure of cryptocurrency.
Qian, also known as Yadi Zhang, defrauded more than 128,000 victims in an elaborate large-scale fraud in China between 2014 and 2017.
She used Bitcoin assets to store her ill-gotten gains.
The 45-year-old later fled China using false documents and came to the UK.
In September 2018, she tried to launder the proceeds by buying property with the assistance of an assailant, Jian Wen.
Wen was jailed for six years for her role in the operation last year.
Will Lyne, The Met’s Head of Economic and Cybercrime Command, said: “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.
“My thoughts are with the thousands of victims defrauded in this scheme, and I hope today’s outcome acknowledges the harm Qian inflicted and reinforces the Met’s unwavering commitment to justice.”
Detective Seargent Isabella Grotto, who led the Met’s investigation, added: “Today marks the result of years of painstaking work. When our team located Zhimin Qian, she had been evading justice for five years, and her arrest triggered a complex investigation requiring evidence from multiple jurisdictions and the careful review of thousands of documents.
“I am immensely proud of the investigation team and our partners who have worked tirelessly on this case.
“Today’s plea reflects years of hard work across both the UK and China. We are grateful for the support of the National Crime Agency and the Crown Prosecution Service, and to Chinese law enforcement teams in Tianjin and Beijing with whom we have collaborated throughout.”
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