Key suspect Qian Zhimin pleads guilty in major cryptocurrency money laundering case under China-UK probe: police
Statement released by the police from Hedong district in Tianjin Photo: Screenshot from the police’s official WeChat account
Qian Zhimin, the key suspect in a case of illegally raising public funds who fled to the UK, has pleaded guilty in the UK to money laundering charges after police from China’s Tianjin, through international law enforcement and judicial cooperation, worked closely with UK authorities to hunt down fugitives and recover assets, according to a statement released by Tianjin police on its official WeChat account Thursday.
Police from the Hedong district in Tianjin said in this statement that they launched an investigation on April 21, 2017, into a local company suspected of illegally raising public funds, with the key suspect Qian fleeing to the UK – a case described by media reports as one of the largest cryptocurrency money laundering schemes in the UK and even globally.
Qian pleaded guilty of illegally acquiring and possessing the cryptocurrency during a hearing at Southwark Crown Court in London on September 29, 2025, BBC News reported.
Between 2014 and 2017, Qian led a large-scale scam in China which involved cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, the Metropolitan Police (Met) said in a statement.
According to the statement released by the Met, the seizure resulted from an inquiry which was launched in 2018 on the back of intelligence received about the transfer of criminal assets, where the Met seized 61,000 Bitcoin from her.
As of press time, 61,000 Bitcoins are valued at approximately 47 billion yuan ($6.63 billion) at current prices.
Detective Sergeant Isabella Grotto, who led the Met’s investigation, also said, “These pleas reflect years of hard work across both the UK and China. We are grateful for the support of the National Crime Agency and the Crown Prosecution Service, and to Chinese law enforcement teams in Tianjin and Beijing with whom we have collaborated throughout.”
Tianjin police said in the statement that Chinese authorities are continuing to work with UK law enforcement on cross-border efforts to hunt down the fugitives and recover assets, doing their utmost to minimize losses for investors. The statement also urged investors to cooperate with the police investigation, express their concerns through legal and reasonable channels, and refrain from spreading or believing in rumors.
The police further noted that they have not authorized any third-party organizations to provide legal guidance for investors intending to attend court hearings, nor to conduct cross-border recovery operations, and advised investors to be cautious of the so-called “overseas recovery agents” to avoid being deceived.
Global Times
