A Chinese national, Zhimin Qian, also known as Yadi Zhang, has been convicted in connection with what is reportedly the largest cryptocurrency seizure in history, valued at over £5.5 billion ($7.4 billion). Qian pleaded guilty at Southwark Crown Court in London to the illegal acquisition and possession of cryptocurrency.
Between 2014 and 2017, she orchestrated a large-scale scam in China that defrauded more than 128,000 individuals, allegedly storing the illicitly obtained funds in bitcoin. This led to a seven-year investigation by the Metropolitan Police into a complex global money laundering operation.
According to Detective Sergeant Isabella Grotto, who oversaw the investigation, Qian evaded law enforcement for five years prior to her arrest. She allegedly fled China using false identification and entered the UK, where she attempted to launder the stolen assets through property purchases. Another co-conspirator, Jian Wen, has already been sentenced to six years and eight months for her involvement in the scheme.
In a statement, Robin Weyell, deputy chief Crown prosecutor, noted the growing tendency for organized criminals to use cryptocurrencies to obscure and transfer assets, enhancing their ability to benefit from criminal activities. Will Lyne, the Met’s Head of Economic and Cybercrime Command, described the conviction as the result of dedicated collaboration between UK and Chinese law enforcement agencies.
The Crown Prosecution Service (CPS) intends to prevent the fraudsters from accessing the stolen assets. Last year, they reported that some victims had received reimbursement through a compensation initiative established in China. Qian is currently in custody, with a date for her sentencing yet to be announced.
Source: https://www.bbc.com/news/articles/cy0415kk3rzo?at_medium=RSS&at_campaign=rss