The head of a criminal gang and her accomplice have been jailed for playing key roles in laundering money from a high value investment fraud committed in China.

The investment fraud resulted in victims losing a total of £600m and is one of the largest to be connected to the UK.

Zhimin Qian (aka Yadi Zhang), 47, of no fixed address, a Chinese national, was sentenced to 11 years and eight months in prison at Southwark Crown Court this week after pleading guilty to two offences of possessing illegally obtained cryptocurrency and money laundering the bitcoin.

The Crown Prosecution Services said that a Metropolitan Police investigation and seizure of over 60,000 Bitcoin in connection with the case is the largest ever in the UK.

Prosecutors told the court that the scale of the seized Bitcoin, the lack of any legitimate evidence for how it was acquired and its connection to a massive investment fraud in China, all indicated that it was “criminal property.”

Between 2014 and 2017 Ms Qian was responsible for the major investment fraud in China. More than 128,000 victims lost their life savings and pensions after being convinced to invest in her schemes.

According to the CPS, the investment fraud led to losses of approximately £600 million. Ms Qian went on to convert around £20.2 million of the illegally obtained money into Bitcoin.

Ms Qian then fled China and came to the UK where she met Jian Wen who was convicted and imprisoned for money laundering separately. The pair then began to try to purchase high worth property and jewellery.

They made efforts to purchase properties in London, valued at £4.5 million, £23.5 million, and £12.5 million, but were hampered by difficulties transferring sufficient Bitcoin into cash and by UK “know your customer” rules under the anti-money laundering regulations.

Ms Qian fled and looked for someone else to help in translating for her and laundering the cryptocurrency. She sought the help of Seng Hok Ling, a Malaysian national who transferred approximately £2.5 million on her behalf.

Senghok Ling, 47, of Matlock, Derbyshire, was sentenced to four years and 11 months imprisonment after pleading guilty to one count of a money laundering related offence at the same court.

A Metropolitan Police surveillance of Ling, led to the discovery of Qian being in York. Both were arrested in April 2024, where seized assets included encrypted devices, cash, gold, and further cryptocurrency was seized.

Neil Colville, unit head prosecutor in the Serious Economic Organised Crime and International Directorate of the Crown Prosecution Service, said: “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.

“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”

Attorney General Lord Hermer KC said: “Fraud is a destructive and devastating crime. It harms individuals and businesses, and impacts business confidence, undermining economic growth.

“Together Zhimin Qian and Senghok Ling caused misery upon thousands of victims to fund their lavish lifestyles. Thanks to the close partnership between the Met and the CPS, they have seized substantial amounts of cryptocurrency and secured the conviction and sentencing of these two prolific fraudsters – preventing more victims from coming to harm.”