Mastermind behind £5b Bitcoin rip-off jailed after UK cop’s largest-ever cryptocurrency seizure
A Chinese fraudster has been jailed after masterminding a scam which led UK police to make their largest-ever cryptocurrency seizure of more than £5 billion in Bitcoin.
Zhimin Qian, 47, has been jailed at Southwark Crown Court for 11 years and eight months.
The fraudster was sentenced for money laundering and possessing and transferring criminal property after pleading guilty in September.
Qian, a Chinese national, had defrauded more than 128,000 victims through a scheme in China between 2014 and 2017, storing the illegally obtained funds in Bitcoin assets.
She was sentenced alongside her accomplice Seng Hok Ling, 47, who was jailed at the same court for four years and 11 months after he pleaded guilty to one count of transferring criminal property.
(Image: Metropolitan Police/AFP via Gett)
Following the sentencing ofQian, the Metropolitan Police’s head of economic and cybercrime command Will Lyne said the investigation was one of the “largest and most complex” the force had ever undertaken.
He said: “This outcome is the result of seven years of dedicated investigation by specialist teams from across the Met.
“There is no doubt this is one of the largest and most complex economic crime investigations we have ever undertaken, and today’s sentence would not have been possible without working closely with our partners from the Crown Prosecution Service, National Crime Agency and Chinese law enforcement.
“Organised crime groups are using cryptocurrency to move, hide and invest the profits of serious crime – but every crypto transaction leaves a trace and the Met works meticulously with partners to follow that digital trail, identify assets and bring offenders to justice.
“Our message is clear – criminal assets are not safe in the UK. The Met remains committed to protecting the public and this outcome shows the lengths we will go to secure justice for victims.”
London Mayor Sadiq Khan said: “Cryptocurrency fraud is worth billions, fuels international money laundering and props up organised criminal gangs, so I welcome this significant intervention by the Met.
“It’s vital all our law enforcement agencies work closely and effectively against all those intent on misusing virtual currency for illegal activity.
“I encourage all Londoners impacted to follow the Met’s key crime prevention advice, stay vigilant online and report any illegal or suspicious activity online to Action Fraud to help build a safer London for all.”
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