Ten years ago, the mastermind behind the illegal fundraising case in Tianjin, Qian Zhimin (also known as Zhang Yadi), pleaded guilty in the UK and is awaiting sentencing. This case also marks the largest single seizure of encrypted currency globally, drawing much attention to the fate of the substantial amount of confiscated bitcoins.
On Monday, September 29th, Qian Zhimin admitted to illegally acquiring and holding encrypted currency at the Southwark Crown Court in London. She is currently detained, awaiting sentencing. The sentencing will take place after the trial of other individuals involved in the case. The exact date for the sentencing is yet to be determined.
Qian Zhimin was the fugitive mastermind of the illegal public fundraising case of Tianjin Lantian Gerei Electronic Technology Co., Ltd in 2017, involving over 43 billion yuan (RMB). The number of victims was close to 130,000, with most victims aged between 50 and 75. They each invested “from hundreds of thousands to tens of millions” of yuan in investment projects promoted by Qian Zhimin, spanning across all 31 provinces and autonomous regions in China.
According to reports, some victims – including businessmen, bank employees, and judicial personnel – were persuaded by relatives and friends to participate in Qian Zhimin’s investment schemes. These investors regarded Qian Zhimin as a “goddess of wealth” but knew little about her.
Subsequently, Qian Zhimin fled China using forged documents and entered the UK under a false identity in 2017, attempting to launder the embezzled funds through real estate purchases.
In 2018, the London police raided Qian Zhimin’s residence upon receiving reports of suspected money laundering. Despite being inside the house and hindered in movement, Qian Zhimin managed to escape and leave the UK. The authorities confiscated a significant amount of bitcoins on the spot, marking the largest single seizure of encrypted currency globally.
The London Metropolitan Police stated in a release that from 2014 to 2017, Qian Zhimin orchestrated a large-scale fraud in China, involving over 128,000 victims who had their stolen funds stored in bitcoin assets.
The London Metropolitan Police claimed to have recovered 61,000 bitcoins, valued at over £5 billion (USD 6.7 billion) at current prices.
The 47-year-old woman’s guilty plea came after a seven-year investigation into this global money laundering network, which began with reports to the authorities about the transfer of criminal assets.
Isabella Grotto, head of the investigative team at the London Metropolitan Police, stated that Qian Zhimin had been “evading legal consequences” for five years.
Qian’s lawyer, Roger Sahota of Berkeley Square Solicitors, stated, “Qian Zhimin’s admission of guilt today is expected to bring some comfort to the investors who have been awaiting compensation since 2017 and reassure them that the significant rise in the value of cryptocurrency means they have enough funds to recover their losses.”
Upon arriving in the UK, Qian Zhimin received assistance from a Chinese restaurant waitress named Wen Jian. Wen was sentenced to six years and eight months in prison in 2024 for her involvement in criminal activities.
The UK Crown Prosecution Service (CPS) stated that 44-year-old Wen Jian laundered the proceeds of the fraud and moved from an upstairs restaurant to a “multimillion-pound rental property in North London.”
The CPS further indicated that Wen also purchased two properties in Dubai worth over £500,000 each.
The London Metropolitan Police reported seizing over £300 million worth of bitcoins from Wen Jian.
Robin Weyell, Deputy Head Prosecutor of the Crown Prosecution Service, stated, “This case is the largest discovery of cryptocurrency in the UK, underscoring the massive scale of criminal profits these fraudsters can obtain.”
Will Lyne, head of the Economic and Cyber Crime Command at the London Metropolitan Police, commented that Monday’s conviction marked the culmination of years of joint investigations by law enforcement agencies in the UK and China.
There are reports suggesting that the UK government will seek to retain the confiscated funds. Under UK law, if there are no other claimants to the assets, half of the confiscated funds will be given to the police, and the other half will go to the UK Home Office.