Massive Cryptocurrency Fraudster Admitsโค Guilt โคin UK Money Laundering Case
Zhang Qian, a Chinese national dubbed “the goddess of โฃwealth,” hasโ pleaded โขguilty to money laundering charges in the United Kingdom, stemming from a large-scaleโฃ cryptocurrencyโ fraud that targeted investors in China. the conviction marksโ one of the โคUK’s biggest money laundering casesโข andโ a notable cryptocurrency-related caseโค globally.
The case unfolded afterโข police raided a six-bedroom property, known as Manor House, in Hampstead,โ northern London,โค in 2017.Inside, they discovered a safe containing 61,000 digitalโ currencyโ wallets.While Qian managed to escape initially, her associate, โคJian Wen, was arrested at the scene.
Investigations revealed thatโค Qian had lured investors, notably those agedโ 50 to 75, intoโ schemesโฃ promising daily dividends and guaranteed profitsโ through cryptocurrency investments. According to a 2024 report โin the Chinese publication Lifeweek,โ investors poured “hundreds of thousandsโ to tens of millions” of Yuanโ into Qian’s ventures. Qian’s company presented itself โas contributing toโ China’s advancement in theโ financial and technological sectors, showcasing purported projects and โฃinvestmentsโ nationwide.
However, authorities were able to trace the considerableโฃ amount of bitcoin to criminal origins. โRobin Weyell,โข Deputy Chief โคProsecutor of the Crown Prosecution Service, emphasized โขthe growing trend of criminal organizations utilizing โฃcryptocurrencies to conceal and transfer illicit funds. “This caseโฆ illustrates โthe scale โขof criminal resources available to these criminals,” he stated to the BBC.
qian fled China in 2017 using aโฃ fraudulent passport from St. Christopher and Nevis before entering the UK.Aโข year later,sheโฃ attempted to launder the funds by purchasing propertiesโ with the โassistance of Jian Wen.
On the first day of her trial at Southwark Crown court,โ Qian admitted to possessing โคcriminal property and transferring criminal property between October 2017 and April 2024.
The convictionโค is the result โขof “yearsโ of dedicated examination” involving collaboration between โคUK police and Chinese law enforcement,accordingโ to โขWill Lyne,head of the METโ cybercrime โandโ cyber command. โLyne described the case as “one of โฃthe biggest โคcases of money launderingโ in โUK history” and expressed pride inโ his team’s meticulous work.
qian’s lawyer, Roger Sahota of Berkeley Square Requestors, โคstated that Qian hopes โคher guilty plea willโ “bring some comfort to investors who have been โwaiting as 2017โฃ for compensation” and assured them that the increasedโค value ofโฃ cryptocurrencyโฃ provides sufficientโ funds to cover their losses.
Judge Sally-Annโข Hales has โขremanded Qian in custody pending sentencing,with a date yet to be steadfast.