A British court has received access to an additional £67 million in cryptocurrency from Zhimin Qian, also known as Yadi Zhang, the convicted mastermind behind a £5.1 billion Chinese investment fraud.
Qian, who pleaded guilty last month to possessing and transferring criminal property, surrendered access codes to a secret device and passwords to two digital wallets containing Bitcoin and Ripple during prison interviews with prosecutors and police.
The funds will be added to the original Bitcoin haul seized in 2018 from her rented six-bedroom house near Hampstead Heath, north London.
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Prosecutors say the total stash will support a compensation scheme for 128,000 Chinese investors defrauded between 2014 and 2017.
Qian’s company, Tianjin Lantian Gerui Electronic Technology, promised returns of up to 300 percent on investment products.
Instead, she funneled the funds into cryptocurrency for personal gain and fled China using false documents.
The Metropolitan Police only discovered the seized devices contained Bitcoin in 2021. Qian was arrested in York and charged in April 2024.
The UK Chancellor, Rachel Reeves, has reportedly earmarked the recovered assets to help address public finance shortfalls, though legal experts argue the funds rightfully belong to the victims.
“The frozen Bitcoin does not belong to the UK state,” said William Glover of Fieldfisher law firm. “Victims are entitled to recover their property from the Bitcoin frozen in this jurisdiction.”
The Crown Prosecution Service (CPS) confirmed a property freezing order remains in effect under the Proceeds of Crime Act, pending civil recovery proceedings.
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Stephen Parkinson, Director of Public Prosecutions, is overseeing the compensation framework, while the Metropolitan Police praised cooperation with Chinese authorities in gathering evidence.
“This outcome acknowledges the harm Qian inflicted and reinforces the Met’s unwavering commitment to justice,” said Will Lyne, Head of Economic and Cybercrime Command.
Qian’s former assistant, Jian Wen, was convicted of money laundering and sentenced to six years in prison in 2014.
