Massive Cryptocurrency Fraudster Admits Guilt in UK Money Laundering Case
Zhang Qian, a Chinese national dubbed “the goddess of wealth,” has pleaded guilty to money laundering charges in the United Kingdom, stemming from a large-scale cryptocurrency fraud that targeted investors in China. the conviction marks one of the UK’s biggest money laundering cases and a notable cryptocurrency-related case globally.
The case unfolded after police raided a six-bedroom property, known as Manor House, in Hampstead, northern London, in 2017.Inside, they discovered a safe containing 61,000 digital currency wallets.While Qian managed to escape initially, her associate, Jian Wen, was arrested at the scene.
Investigations revealed that Qian had lured investors, notably those aged 50 to 75, into schemes promising daily dividends and guaranteed profits through cryptocurrency investments. According to a 2024 report in the Chinese publication Lifeweek, investors poured “hundreds of thousands to tens of millions” of Yuan into Qian’s ventures. Qian’s company presented itself as contributing to China’s advancement in the financial and technological sectors, showcasing purported projects and investments nationwide.
However, authorities were able to trace the considerable amount of bitcoin to criminal origins. Robin Weyell, Deputy Chief Prosecutor of the Crown Prosecution Service, emphasized the growing trend of criminal organizations utilizing cryptocurrencies to conceal and transfer illicit funds. “This case… illustrates the scale of criminal resources available to these criminals,” he stated to the BBC.
qian fled China in 2017 using a fraudulent passport from St. Christopher and Nevis before entering the UK.A year later,she attempted to launder the funds by purchasing properties with the assistance of Jian Wen.
On the first day of her trial at Southwark Crown court, Qian admitted to possessing criminal property and transferring criminal property between October 2017 and April 2024.
The conviction is the result of “years of dedicated examination” involving collaboration between UK police and Chinese law enforcement,according to Will Lyne,head of the MET cybercrime and cyber command. Lyne described the case as “one of the biggest cases of money laundering in UK history” and expressed pride in his team’s meticulous work.
qian’s lawyer, Roger Sahota of Berkeley Square Requestors, stated that Qian hopes her guilty plea will “bring some comfort to investors who have been waiting as 2017 for compensation” and assured them that the increased value of cryptocurrency provides sufficient funds to cover their losses.
Judge Sally-Ann Hales has remanded Qian in custody pending sentencing,with a date yet to be steadfast.
