chinese National Convicted in UK Following Record-Breaking Bitcoin Seizure
LONDON – A 47-year-old Chinese national has pleaded guilty in a UK court following a seven-year examination into a global money laundering operation culminating in the largest cryptocurrency seizure in British history – 61,000 bitcoins. The conviction marks a meaningful victory for law enforcement tackling the increasing use of cryptocurrency in organized crime.
The Metropolitan Police began the probe in 2018 after receiving intelligence regarding the transfer of criminal assets. The woman, identified as Qian, had been evading justice for five years, fleeing China using false documents before entering the UK and attempting to launder the stolen funds through property purchases, according to the Met.
She was aided by Jian Wen, a former takeaway worker who was sentenced to six years and eight months in prison last year for her role in the scheme.
“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,” said Robin Weyell, deputy chief Crown prosecutor for the Crown Prosecution Service. “This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
The investigation involved collaboration between UK police and Chinese law enforcement. According to Chinese media reports from earlier this year, Qian attracted investors – primarily those aged between 50 and 75 – who invested “hundreds of thousands to tens of millions” of yuan into schemes she promoted, frequently enough with limited knowledge of her background. she was reportedly known as “the female god of wealth.”
Detective Sergeant Isabella Grotto, who led the Met’s investigation, stated Qian had been “evading justice” for five years prior to her arrest, requiring a “complex investigation involving multiple jurisdictions.”
The Crown Prosecution Service is currently working to prevent the fraudsters from accessing the seized funds, with a compensation scheme already established in China returning some money to victims.
Qian remains in custody awaiting sentencing, with a date yet to be resolute. The investigation remains ongoing. The BBC has reached out to the Chinese embassy in the UK for comment.
