Chinese Fraudster Convicted After £5bn Bitcoin Seizure in World’s Biggest Crypto Case

A Chinese woman has been convicted in London after investigators uncovered what is believed to be the world’s largest-ever cryptocurrency seizure, involving more than £5bn worth of bitcoin.

Zhimin Qian, 47, also known as Yadi Zhang, pleaded guilty at Southwark Crown Court to acquiring and possessing criminal property following a global fraud and money-laundering scheme.

The Metropolitan Police confirmed it recovered 61,000 bitcoin, an unprecedented haul, after a seven-year investigation spanning multiple jurisdictions.

Global Scam and Escape to the UK

Between 2014 and 2017, Qian masterminded a large-scale investment scam in China, defrauding more than 128,000 victims of billions of yuan. She fled China using false documents, arriving in the UK where she attempted to launder the funds through property deals.

Detective Sergeant Isabella Grotto, who led the Met’s probe, said Qian had been “evading justice” for five years before her arrest, describing the case as “one of the most complex international money-laundering operations ever uncovered”.

Her solicitor, Roger Sahota, said Qian’s guilty plea was intended to reassure victims:
“By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses.”

Co-Accused and Luxury Lifestyle

On Tuesday, Malaysian national Seng Hok Ling, 43, of Derbyshire, also admitted to facilitating money laundering linked to Qian’s scheme. Confiscation proceedings have begun against him, with courts seeking to recover £16.2m, a figure that will be updated based on bitcoin’s value at sentencing in November.

Qian’s former associate, Jian Wen, a takeaway worker turned money launderer, was jailed for nearly seven years in 2024 after using proceeds from the fraud to fund a luxury lifestyle. She moved from living above a London restaurant to a multi-million-pound mansion and purchased Dubai properties worth more than £500,000.

The Met seized over £300m in bitcoin directly linked to Wen.

The ‘Goddess of Wealth’ and Victims’ Losses

Chinese media reports revealed that many of Qian’s victims were middle-aged professionals — including business people, bank staff, and even members of the judiciary — who invested vast sums believing in her reputation as the so-called “goddess of wealth”.

UK Security Minister Dan Jarvis welcomed the convictions, stating:
“This sends a clear signal that the UK is not a safe haven for criminals. Money laundering erodes trust, undermines our economy, and fuels serious organised crime.”

Both Qian and Ling will be sentenced on 10 November.