Name: Chinese fraud mastermind jailed in UK for laundering bitcoin
Uploaded: 2025-11-11T19:29:07.504Z
Duration: 1 min 31 s
Description: The mastermind of a vast Ponzi scheme in China, which conned nearly 130,000 investors, was jailed in Britain on Tuesday for over 11 years for laundering the proceeds of the fraud into cryptocurrency now worth billions of dollars.

The mastermind of a vast Ponzi scheme in China, which conned nearly 130,000 investors, was jailed in Britain on Tuesday for over 11 years for laundering the proceeds of the fraud into cryptocurrency now worth billions of dollars.

York

Qian Chiming, the architect of a massive Ponzi scheme in China, was sentenced in the United Kingdom to more than 11 years in prison for laundering the proceeds through cryptocurrency. British police arrested Qian in York and seized over 61,000 bitcoin, currently valued at around five billion pounds, along with other assets worth over 20 million pounds.

This case represents the largest confirmed cryptocurrency seizure worldwide and the biggest money laundering investigation by value in UK history. Qian pleaded guilty to two money laundering charges, and two co-conspirators have also been jailed. Legal proceedings continue regarding the distribution of the seized bitcoin to the scheme's victims.

Chinese fraud mastermind jailed in UK for laundering bitcoin

The mastermind of a vast Ponzi scheme in China was jailed in Britain on Tuesday for over 11 years. And this footage reveals the moment Qian Chiming was arrested in northern England's York last year. She conned nearly 130,000 investors and laundered the proceeds of the fraud into cryptocurrency now worth billions of dollars. Will Lyon is from the Metropolitan Police. As part of this investigation, we seized over 61,000 bitcoin, now worth approximately five billion pounds, alongside other non-crypto assets valued at more than 20 million pounds. This currently represents the largest confirmed cryptocurrency seizure anywhere in the world and the biggest money laundering investigation in UK investigative history by value. Prosecutors said Qian had tried to purchase a villa in Tuscany and high-end London properties to launder the proceeds of her fraud, but it was a 2018 attempt to buy a house that put her on the radar of British police. Many people lost their life savings and the emotional and financial impact on them was devastating. Today's outcome is a step towards justice for those victims. Qian Chiming pleaded guilty to two money laundering charges in September. Two of her co-conspirators have also been jailed. While the criminal proceedings have finished, there remains a looming legal battle over the fate of the seized bitcoin and how the victims of the fraud are repaid.

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