Exclusive: Alleged Chinese Mastermind Behind Massive Bitcoin Money Laundering Stands Trial in U.K.
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(London) — Qian Zhimin, the alleged mastermind behind a multibillion-dollar fundraising fraud involving hundreds of thousands of victims across China, stood trial at Southwark Crown Court on Monday for suspected money laundering.
The trial is expected to last 12 weeks, Caixin learned from people with knowledge of the matter. Chinese investigators will testify in person during the trial, while several victims will give evidence via video link from a court in Tianjin — the northern Chinese city where Tianjin Lantian Gerui Electronic Technology Co. Ltd. was incorporated. Qian allegedly orchestrated the fraud using the now-defunct company.
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- Qian Zhimin is on trial in London for suspected money laundering linked to a $6.1 billion cryptocurrency fundraising fraud affecting over 100,000 victims in China between 2014–2017.
- Wen Jian, Qian’s associate, was sentenced to 80 months in May 2024 after laundering 61,000 bitcoins ($6.8 billion) in the UK.
- The UK and China are cooperating on the case, with victims testifying and asset recovery efforts ongoing.
- Tianjin Lantian Gerui Electronic Technology Co. Ltd.
- Tianjin Lantian Gerui Electronic Technology Co. Ltd. was a company incorporated in Tianjin, China. Qian Zhimin allegedly used this now-defunct company to orchestrate a multibillion-dollar fundraising fraud between 2014 and 2017. The company illegally sold financial products linked to cryptocurrencies, raising approximately 43.5 billion yuan ($6.1 billion) from over 100,000 victims in China. Chinese police launched an investigation into the company in late 2017.
- Doughty Street Chambers
- Doughty Street Chambers is a law firm, and one of their barristers, Philippa Eastwood, is representing Qian Zhimin. Qian Zhimin is currently on trial at Southwark Crown Court for suspected money laundering, facing a trial expected to last 12 weeks.
- Berkeley Square Solicitors
- Berkeley Square Solicitors is a law firm, and one of its partners, Roger Sahota, represents Qian Zhimin. Sahota issued a notice stating that Ms. Zhang (an alias for Qian Zhimin) maintains her innocence regarding all fraud or money laundering charges.
- Between 2014 and 2017：
- Qian Zhimin used Gerui Electronic to illegally sell financial products linked to cryptocurrencies, raising around 43.5 billion yuan from over 100,000 victims.
- September 2017：
- Qian Zhimin arrived in London.
- Late 2017：
- Police in Tianjin launched an investigation into Gerui Electronic on suspicion of illegal fundraising.
- 2019：
- Investigation by Tianjin police led to the detention of 50 people.
- May 2024：
- Wen Jian was sentenced to 80 months in prison after being found guilty of participating in the Bitcoin money laundering case.
- 2024：
- Qian Zhimin was arrested in the U.K. after years on the run.
- Last year (2024)：
- Metropolitan Police received a request from Chinese authorities regarding the arrangement for the seized 61,000 bitcoins.
- Before September 29, 2025：
- Several Chinese law firms were retained to represent Chinese investors in filing civil claims over Bitcoin with the U.K. High Court.
- September 29, 2025：
- Qian Zhimin stood trial at Southwark Crown Court for suspected money laundering.
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