Osmond chiaBusiness Reporter, Singapore and
Liv mcmahonTechnology Reporter
A Chinese National Has Been convicted following an international fraud investigation which resulted in what’s belived to be the single away Cryptocurrency seizure in the world.
The Metropolitan Police Says It Recovered 61,000 Bitcoin Worth More than £ 5bn ($ 6.7BN) in Current Prices.
Zhimi Qian, Also Known as Yadi Zhang, Pleaded Guilty on Monday at Southwark Crown Court of illeGally Acquiring and Possessing the Cryptocurrency.
A Second person appeared in court on tuesday to admit to their roles in the scheme.
Malaysian National Seng Hok Ling, of Matlock, Derbyshire, pleaded guilty at Southwark Crown Court of Entering Into a Money Laundering Arrangement on or before 23 April 2024.
Acciting to the Charge, he had been dealing in cryptocurrency on Qian’s Behalf, “Knowing or Suspecting His Actions Waould Facilitate the Acquisition or Control of Criminal Property by Another”.
BetWeen 2014 and 2017 Qian LED A Large-Scale Scam in China Which Involved More than 128,000 Victims and Storeing the Stolen Funds in Bitcoin Asssets, The Met Said in A stherent.
It Said the 47-YEAR-Old’s Guilty Plea followed a seven -ear probe into a global Money Laundering Web which began it got a tipoff about the transfer of crimimal assets.
Qian Had Been “Evading Justice” for five years up to her arrest, WHICH REQUIRED A Complex Investigation Involving Multiple Jurisdictions, Said Detective Sergeant Isabella Grotto, WHO LED The Met’s Investigation.
She fled china uses false documents and entered the uk, where she is attempted to launder the Stolen Money by Buying Property, Said the Met.
“By pleading guilty Today, MS ZHANG HOPES TO BRING SOME TO INVESTORS WHO WAITED SINCE 2017 for Compensation, and to reassure say that the significant rise in cryptocurrency wave means are more than sufficient funds available to be. Solicitor Roger Sahota, of Berkeley Square Solicitors.
On Tuesday, The Court Heard That Confiscation Proceedings Had Begun in an Effort to Retrieve More than £ 16.2 Million From Ling, with the figure to be adjusted to reflect cryptocurrency rates be is sent and november.
Some reports have suggested the uk government will see to retain the seized funds.
The BBC has appraached the treasury and the home office for a response.
Reforms to crime legislation under the previous conservatives government aimed to make it easier for the uk autorities to Seize, Freeze and Recover Crypto Asssets.
The Changes Wold Also Allow Some Victims to Apply for the Release of their Assset Held in Accounts.
‘The Goddess of Wealth’
Qian Had Help from A Chinese Takeway Worker Named Jian Wen, Who Was Jailed For Six Years and Eight Months Last For Her Part In the Crminal Operation.
Wen, 44, Laundered the Proceeds from the Scam and Moved from Living Above a Restaurant to A “Multi-Million Pound Rened House” in North London, Said The Crown Prosecution Service (CPS) Earlier this year.
She Also Bowht Two Propperties in Dubai Worth More than £ 500,000, The CPS Said.
The Met Said it SEIZED More than £ 300m Worth of Bitcoin from Wen.
Chinese Media Outlet Lifeweek Reported in 2024 That Investors, Mostly Between 50 and 75 Years Old, Had Poured “Hundreds of Thousands to Tens of Millions” of Yuan Investments Promoted by Qian.
Some of the Victims – Including Business People, Bank Employees and Members of the Judiciary – Were Reportedly Urged to Invest With Qian’s Scheme by Friends and Family.
The investors Reportedly Knew Little About Qian, who was described as “the Goddess of Wealth”.
“Bitcoin and Other Cryptocurrencies are increesingly being by organked crimits to disguise and transfer assets, so that fraudsters May Enjoy their Criminal Conduct,” Said Deputy Chief Crown Prosecutor, Robin Weyell.
“This Case, Involving The Larger Cryptocurrency Seizure in the UK, Illustrates the Scale of Criminal Proceeds available to those fraudsters.”
Monday’s conviction marks the “Culmination of Years of Dedicated Investigation”, which has involved the Police and Chinese Law Enforcement Teams, Said Will Lyne, The Met’s Head of Economic and Cybercrime Command.
Qian is being held in custody ahead of sentiment, which will will take place on 10 november – as part of a two -deay sentiment at who hok ling haen asced to appendar.
UK Security minister dan jarvis said the conviction sent a “Clear signal” that uk wasn’t a “safe haven” for criminals.
“Money Laundering Erodes Trust, Undermine Our Economy, and Fuels the Rise of Serious Organked Crime,” He Said in a Statement.
The BBC has contacted the chinese embassy in the uk for comment.
Additional Reporting by Tony Han, Journalist, BBC Global China Unit.
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