UK Jails Chinese Fraud Mastermind in $6.7B Bitcoin Laundering Case | APT - video Dailymotion

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The mastermind behind a massive Ponzi scheme in China has been jailed in the UK for over 11 years for laundering billions through cryptocurrency.  Zhimin Qian, also known as Yadi Zhang, targeted nearly 130,000 investors in China from 2014 to 2017, defrauding them of billions of dollars. British authorities seized over 61,000 Bitcoin – currently worth around £5 billion ($6.7 billion) – in one of the largest cryptocurrency seizures in UK history.  The investigation involved international cooperation with the Crown Prosecution Service, the National Crime Agency, and Chinese law enforcement. Qian’s accomplice, Ling Seng Hok, was also sentenced to nearly five years for assisting in the laundering scheme.  #CryptocurrencyCrime #BitcoinFraud #UKNews #PonziScheme #CryptoSeizure #FraudInvestigation #ZhiminQian #UKJustice #CryptoCrime #FinancialCrime #InternationalCrime #BitcoinLaundering

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00:00Okay good afternoon everyone I'm Will Line I'm the head of economic and cyber crime at the

00:24Metropolitan Police. Today's sentencing brings to a close one of the largest

00:29longest and most complex economic crime investigations ever undertaken by the

00:35Metropolitan Police. Operation Manor lasted more than seven years and has

00:40demanded persistence innovation and collaboration at every stage. It

00:45reflects the extraordinary dedication of the officers and staff who have

00:50delivered it. As part of this investigation we seized over 61,000

00:54Bitcoin now worth approximately five billion pounds alongside other non crypto

01:00assets valued at more than 20 million pounds. This currently represents the

01:05largest confirmed cryptocurrency seizure anywhere in the world and the biggest

01:09money laundering investigation in UK investigative history by value. The

01:15assets are subject to separate and ongoing civil proceedings led by colleagues at

01:20the Crown Prosecution Service so I cannot comment further on that process at this

01:25time. But this case is about far more than the assets seized. These funds

01:31originated from a large-scale fraud that targeted and harmed more than 128,000

01:37victims in China from 2014 to 2017. Many people lost their life savings and the

01:45emotional and financial impact on them was devastating. Today's outcome is a step

01:51towards justice for those victims. Money laundering enables and supports serious

01:58criminality across our communities and organised crime groups increasingly use

02:02cryptocurrency to move, hide and invest their ill-gotten gains. Developments in

02:09technology are exploited by criminals but also provide opportunities that are

02:13seeking to stop them. Every cryptocurrency transaction leaves a trace. The

02:19Mets dedicated cryptocurrency team working meticulously with partners

02:23continually adapts and innovates our response to organised crime meaning that

02:28even in the digital age criminals have nowhere to hide. The success of this

02:34investigation has depended on partnerships with the Crown Prosecution

02:38Service, the National Crime Agency and overseas law enforcement partners. We work closely with

02:45the Chinese authorities. Before the defendants entered guilty pleas, Chinese

02:49police officers were due to testify live in a UK court for the first time and 18

02:54victims were due to give evidence via video link. Today's outcome sends a clear

03:00message. Criminal assets are not safe in the UK. The Metropolitan Police and our

03:07partners remain committed towards protecting the public and dismantling organised crime

03:11networks no matter how complex they are or how global they may be. We will continue to

03:17pursue those who seek to profit from harming our communities and ensure that justice is delivered for all

03:24victims. Thank you. Good afternoon everybody. My name is Neil Colville. I'm from the serious

03:31economic organised crime division from the CPS. Today we have seen the sentencing of Zim and

03:36CPS, which has led to their imprisonment. Bitcoin and other cryptocurrencies are increasingly being used by

03:47organised criminals to disguise and transfer assets so that fraudsters may enjoy the benefits of their

03:53criminal conduct. This case involving the largest cryptocurrency seizure in the UK illustrates the scale of

04:02criminal proceeds available to those fraudsters. The imprisonment of Chan and Ling marks the culmination

04:10of many years of complex and detailed work by both the Metropolitan Police and the Crown Prosecution Service.

04:17The fact that the defendants pleaded guilty are testament to the thoroughness of the investigation and

04:23prosecution. The CPS will now work to ensure through criminal confiscation and civil proceedings that the

04:30criminal assets worth now around 4.8 billion used by Chan and Jian Wen to fund their extravagant

04:38lifestyle are seized. The CPS is committed to working closely with law enforcement and investigatory

04:44authorities to bring justice to individuals and companies who engage in laundering criminal proceeds of

04:51cryptocurrency fraud. Thank you.

UK Jails Chinese Fraud Mastermind in $6.7B Bitcoin Laundering Case | APT

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