Qian Zhimin sentenced in UK for laundering US$5.6 billion in proceeds from major Chinese fraud

The arrest of Chinese fugitive Qian Zhimin in northern England has brought one of the world’s largest cryptocurrency-linked fraud investigations to a close.

According to the UK National Crime Agency (NCA) and court documents, Qian — who also went by the alias Yadi Zhang — was detained at a property in York in April 2024 after years on the run.

British police had tracked her through digital-wallet movements and property records.

Investigators say the 44-year-old was at the centre of a vast investment scam that defrauded more than 128,000 victims in China between 2014 and 2017, raising roughly RMB 40 billion (about US$5.6 billion).

When Chinese authorities began investigating, Qian fled using a forged passport and false identity, moving through several European countries before settling in London.

At the time of her arrest, officers found encrypted devices linking her to wallets containing more than 61,000 bitcoins.

The digital currency, initially worth around £1.5 billion when seized in 2018, had surged to over £5 billion by the time of her conviction.

The scale of the crime

Prosecutors described Qian’s operation as a “transnational Ponzi scheme” that lured victims into fake investment opportunities promising high returns.

Funds from new investors were used to pay earlier participants, while large sums were funnelled into offshore accounts and cryptocurrency wallets.

Qian enjoyed a lavish lifestyle in London, renting luxury flats and attempting to purchase high-end properties, including a Tuscan villa and central London apartments.

Her spending patterns — designer goods, private chauffeurs, and fine-dining bills — contrasted sharply with the losses of thousands of investors in China who lost their savings.

Detectives also uncovered an elaborate network of shell companies and associates used to disguise the source of the funds.

Several accounts in Hong Kong, Singapore, and Malaysia were used to move money before it was converted into bitcoin.

The Malaysian connection

Qian’s Malaysian aide, Seng Hok Ling, played a crucial role in maintaining her operations in the UK.

According to court filings, Seng handled cash transactions and managed properties tied to Qian’s aliases.

After another associate, Wen Jian, was arrested in 2022, Seng attempted to move assets and crypto holdings — an act that helped investigators track Qian’s movements.

 He pleaded guilty to transferring criminal property and was sentenced to four years and 11 months in prison.

Authorities believe Seng’s cooperation after arrest provided valuable information that led to the final seizure of Qian’s digital wallets and luxury possessions.

UK authorities uncover record bitcoin haul

The NCA said the seizure of 61,000 bitcoins represents the largest cryptocurrency recovery in UK history.

“This is an unprecedented case in terms of both scale and complexity,” said an NCA spokesperson quoted by Reuters. “The assets involved are significant enough to affect entire markets.”

The agency noted that all seized digital assets are being held securely while prosecutors pursue civil recovery proceedings. The funds could eventually be used to compensate victims in China, though the process may take years due to cross-border legal challenges.

Court officials added that Qian, who pleaded guilty to multiple counts of money-laundering, appeared emotionless during sentencing at London’s Southwark Crown Court. Judge Sally Cahill said Qian had “displayed calculated manipulation and exceptional sophistication” in her criminal conduct.

How the trail was uncovered

Forensic investigators from the NCA’s National Cyber Crime Unit worked alongside cryptocurrency analysts to trace Qian’s digital footprint.

According to Reuters, movements in dormant bitcoin wallets and property payments triggered alerts in 2021, linking her alias Yadi Zhang to the original fraud case filed in China.

Undercover surveillance in 2023 confirmed her identity. She was arrested in April 2024, and her encrypted drives and cold-storage wallets were decrypted months later, confirming access to tens of thousands of bitcoins.

Authorities also seized several luxury cars, designer handbags, and more than £200,000 in cash. “This investigation demonstrates that criminals cannot hide behind the anonymity of cryptocurrency,” the NCA said in a statement.

The victims and international cooperation

The fraud’s victims are believed to be mostly small investors in mainland China, many of whom were drawn to investment products promoted online as “wealth-management packages.” Victims are now pressing both Chinese and UK authorities to ensure restitution.

The case has strengthened cooperation between Chinese investigators and UK financial-crime units.

British prosecutors said they were working with Chinese law-enforcement to verify claims from victims before redistributing recovered funds.

Qian’s sentence — 11 years 8 months — marks one of the harshest penalties handed down in the UK for a crypto-related laundering offence.

The court ordered the forfeiture of her remaining UK assets and the initiation of confiscation proceedings for the seized bitcoin.