UK Metropolitan Police have convicted two Chinese nationals in connection with a multibillion-pound fraudulent Bitcoin scheme, described as the largest cryptocurrency seizure in the world.
Gatekeepers News reports that the case follows a seven-year investigation into funds worth more than £5.5 billion.
Zhimin Qian, 47, pleaded guilty on Monday to acquiring and possessing criminally obtained cryptocurrency. Her partner, 46-year-old Hok Seng Ling, admitted on Tuesday to transferring crypto illegally.
According to police, Qian was the mastermind of the scheme. Between 2014 and 2017, she defrauded more than 128,000 victims in China, persuading them to invest “hundreds of thousands to tens of millions of yuan” in fraudulent projects. She converted the illicit proceeds into Bitcoin, which she stored under false identities.
Known in China as “the goddess of wealth,” Qian fled the country using forged documents before entering the UK. By 2018, she was attempting to launder the money through property purchases. Investigators said they were able to track her down by monitoring Ling, as Qian herself had skillfully evaded capture.
The pair were arrested in April 2024. Police seized encrypted devices, cash, gold, and additional cryptocurrency during the operation.
Will Lyne, head of the Met’s economic and cybercrime command, praised the role of Chinese authorities, noting that law enforcement in China had offered “unprecedented cooperation” to bring the suspects to justice.
Dan Jarvis, the UK security minister, said the convictions demonstrate the country’s resolve in tackling international financial crime. “This outcome sends a clear signal that the UK will never be a safe haven for criminals and their ill-gotten gains,” he said.
Sentencing for Qian and Ling is scheduled for November 10 and 11.
