A UK court has sentenced 47-year-old Zhimin Qian to 11 years and 8 months in prison for money laundering and holding criminal assets in cryptocurrency. Police seized devices containing 61,000 BTC — the largest confirmed crypto haul in the United Kingdom.
Investigators say Qian ran a pyramid scheme in China that drew in more than 128,000 investors between 2014 and 2017. Her accomplice, Seng Hok Ling, was sentenced to 4 years and 11 months.
How the Scheme Worked
Qian’s company Lantian Gerui pitched high-tech investment products and mining operations, but investigators say payouts were made from funds provided by new participants. The scheme raised about 40 billion yuan ($5.62 B).
Some of the money was converted into cash, jewelry and bitcoin. Judge Sally-Ann Hales called Qian the architect of the crime and said her motive was pure greed.
Escape and Arrest
When Chinese authorities opened their probe, Qian fled to Europe and entered the UK on false documents. In London she rented a house for over £17,000 a month and tried to cash out BTC via property deals and luxury purchases.
Police made an initial major seizure in 2018, recovered devices holding tens of thousands of BTC and gained access to the wallets in 2021. Qian was arrested in April 2024. Officers noted that every blockchain transaction leaves a trace, which helped them track the suspects.
Officials respond
The Metropolitan Police described the case as one of the most complex economic investigations in its history and the largest crypto seizure in the country.
London Mayor Sadiq Khan and Security Minister Dan Jarvis backed the verdict, highlighting how cryptocurrencies can be used in money-laundering networks. Prosecutor Neil Colville said the agency is seeking to freeze and confiscate the crypto assets so they stay out of criminals’ hands.
Fate of the bitcoin
A civil recovery case will decide what happens to the 61,000 BTC, valued at roughly £5 B (over $6 B).
Victims in China are preparing lawsuits, but proving entitlement to compensation is hard because many transactions went through local promoters. Prosecutors are also considering a separate compensation mechanism for those not participating in the civil case.
If some assets remain unclaimed, the funds could legally revert to the UK government.
Investigators noted that bitcoin’s price surge has multiplied the value of the seized assets compared with when they were first acquired. Qian’s lawyers argue that this dramatic rise could fully cover victims’ losses, but the court will decide whether compensation should be based on the original sums or adjusted for bitcoin’s appreciation.
Read also:
This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.