Zhimin Qian, 47, pleaded guilty at Southwark Crown Court on Monday. The seizure of the cryptocurrency followed a seven-year ongoing investigation into international money laundering, police added
A woman has confessed to money laundering in connection with the UK’s biggest ever cryptocurrency seizure, involving Bitcoin valued at over £5.5 billion.
Zhimin Qian pleaded guilty to acquiring and possessing criminal property at Southwark Crown Court on Monday, as reported by the Metropolitan Police.
The colossal cryptocurrency confiscation was part of a seven-year ongoing investigation into international money laundering, according to police.
Qian, also known under the alias Yadi Zhang, swindled more than 128,000 victims through a scheme in China between 2014 and 2017, stashing the ill-gotten gains in Bitcoin assets, the force revealed.
Scotland Yard confirmed that Qian played a pivotal role in the fraudulent operation.
In 2018, the Chinese national fled her homeland using forged documents and arrived in the UK, where she attempted to launder the proceeds by buying property with the assistance of Jian Wen in September of that year, police disclosed.
Wen, previously employed in a takeaway, was imprisoned last year for her involvement in the scheme after being discovered with Bitcoin wallets worth over £2 billion.
Robin Weyell, deputy chief Crown prosecutor for the Crown Prosecution Service, commented: “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.
“Today’s guilty plea by Zhimin Qian marks the culmination of many years of complex and detailed work by both the Metropolitan Police and the CPS.”
He further stated: “The CPS is committed to working closely with law enforcement and investigatory authorities, to bring to justice individuals and companies who engage in laundering criminal proceeds of a cryptocurrency fraud.”
Will Lyne, the head of Economic and Cybercrime Command at the Met, commented: “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.”
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