A woman who evaded authorities for nearly five years while amassing one of the largest cryptocurrency fortunes ever seized in the UK was sentenced to more than 11 years in prison.
According to the Crown Prosecution Service, Zhimin Qian was arrested in a York suburb last year after police tracked a wallet linked to her Bitcoin holdings.
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Qian reportedly fled China following a massive investment fraud that defrauded over 128,000 people of roughly £4.6bn between 2014 and 2017. She converted tens of millions of pounds into Bitcoin before entering the UK on a false passport and living in luxury rented properties with accomplices.
Life on the Run
Authorities said Qian maintained a reclusive lifestyle, supported by a rotating entourage of staff who were bound by strict confidentiality agreements. She and her associates traveled across Europe, purchasing jewellery, designer goods, and high-end cars. Police reportedly traced the group after they attempted to purchase a £24m Hampstead mansion using converted Bitcoin.
A raid in 2018 uncovered cash, cheques, phones, laptops, and encrypted devices. Investigation revealed 61,279 Bitcoin, then worth £1.4bn, which has now grown to over £5bn.
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“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,” Neil Colville, Unit Head Prosecutor in the Serious Economic Organised Crime and International Directorate of the Crown Prosecution Service said.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters,” he added.
Scale of the Crime
Qian was eventually tracked to a detached house in York and found in her bedroom with a ledger containing passwords to cryptocurrency wallets worth around £67m.
She pleaded guilty to two counts of money laundering and possession of criminal property. Her accomplice, Senghok Ling, reportedly admitted to a money laundering charge and was sentenced to four years and 11 months. A former collaborator had previously received a six-year and eight-month sentence.
The Metropolitan Police described the case as the largest cryptocurrency seizure in UK history and one of the most complex economic crime investigations ever undertaken by the force. Neil Colville of the Crown Prosecution Service said the investigation showed the growing use of cryptocurrencies by criminals to conceal assets.
This article was written by Jared Kirui at www.financemagnates.com.
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