All news with #fraud tag

UK Police Seize £5.5B in Bitcoin Linked to Fraud Scheme

💰 British authorities have seized £5.5 billion (about $7.39 billion) in cryptocurrency — approximately 61,000 Bitcoin — from the London home of Zhimin Qian (aka Yadi Zhang), who pleaded guilty to acquiring and possessing criminal property. The Metropolitan Police say the seizure, uncovered after a probe opened in 2018, is believed to be the largest such confiscation worldwide. Qian is accused of running a large-scale fraud in China from 2014–2017 that targeted more than 128,000 mostly older victims and converted proceeds into Bitcoin before fleeing to the U.K. A co-conspirator, Jian Wen, was previously jailed and ordered to repay millions.