Qian Zhimin, Main Suspect in UK's Largest Bitcoin Money Laundering Case, Pleads Not Guilty; Lantian Grei's Illegal Fund-Raising Case Continues to Ferment

Qian Zhimin, Main Suspect in UK's Largest Bitcoin Money Laundering Case, Pleads Not Guilty; Lantian Grei's Illegal Fund-Raising Case Continues to FermentOn October 21st, local time, Qian Zhimin (also known as Zhang Yadi, YadiZhang), the main suspect in the UK's largest Bitcoin money laundering case and also involved in the Lantian Grei illegal fund-raising case, pleaded not guilty to the charges of money laundering in the Southwark Crown Court in London. The court accused Qian of two counts of money laundering, claiming she held and transferred illegal cryptocurrency on or before April 23rd

Qian Zhimin, Main Suspect in UK's Largest Bitcoin Money Laundering Case, Pleads Not Guilty; Lantian Grei's Illegal Fund-Raising Case Continues to Ferment

On October 21st, local time, Qian Zhimin (also known as Zhang Yadi, YadiZhang), the main suspect in the UK's largest Bitcoin money laundering case and also involved in the Lantian Grei illegal fund-raising case, pleaded not guilty to the charges of money laundering in the Southwark Crown Court in London. The court accused Qian of two counts of money laundering, claiming she held and transferred illegal cryptocurrency on or before April 23rd.

Qian was arrested in April this year in connection with a Bitcoin money laundering case. According to previous reports from The Paper, British judicial documents related to the Wen Jian case showed that after entering London, Qian hired a Chinese-British woman named Wen Jian (JIANWEN), who worked in a local Chinese restaurant, as her "white glove" to carry out a series of money-laundering operations. These included converting Bitcoin, buying jewelry, and purchasing a multi-million-pound mansion. Due to the significant discrepancy between Wen Jian's declared income and her current spending level, and the unclear source of her funds, the UK's anti-money laundering procedures were triggered, drawing the attention of local police.

In May this year, 42-year-old Wen Jian was sentenced to 6 years and 8 months in prison by the Southwark Crown Court in London for assisting her employer in money laundering using Bitcoin from October 2017 to January 2022. In this case, British police seized over 61,000 Bitcoins, which belonged to Qian Zhimin. This case is also the biggest cryptocurrency money laundering case investigated in the UK.

According to a report in China News Weekly in May, a British judicial document described that the 61,000 Bitcoins were primarily purchased with funds obtained from criminal activities committed by Qian Zhimin in China. Qian Zhimin was the owner and controller of Lantian Grei. After Chinese police investigated Lantian Grei, Qian fled China in July 2017 and traveled to the UK in September 2017 using a passport under the name Zhang Yadi (YadiZhang). She hired a Chinese woman named Wen Jian (WenJian) in the UK to assist in money laundering. In China, Qian Zhimin was better known as "Huahua."

As early as the end of 2017, Tianjin police announced that they had opened an investigation into Lantian Grei's alleged illegal fund-raising case, and other relevant local public security organs were also conducting investigations and launching investigations. Previously, Lantian Grei used the internet, large-scale promotional events, and other methods to promote various financial projects under the guise of smart elderly care services. They exaggeratedly claimed zero risk and high returns, and illegally absorbed deposits from the public through offline contracts. "Give Grei three years, Grei will give you three lifetimes of wealth" was Lantian Grei's promotional slogan at the time.

A judgment document obtained by The Paper previously revealed that between April 2014 and August 2017, Lantian Grei illegally raised over 40.2 billion yuan, all of which was controlled and disposed of by Qian Zhimin. Of this amount, over 34.1 billion yuan was used to repay more than 120,000 fund-raising participants.

Currently, Qian Zhimin's case is still under trial, and the final outcome of the accusations against her for money laundering is pending a court decision. The Lantian Grei case, involving alleged illegal absorption of public deposits, is also still under investigation, and the subsequent developments in the case are worth monitoring.