U.K. authorities seized 61,000 BTC valued at approximately £1.4 billion (or $1.78 billion) related to an investment fraud that operated in China, the Financial Times reported.
The mastermind behind the fraud, Zhimin Qian, converted part of the profits from a £5 billion investment scam operated in China between 2014 and 2017 into the top cryptocurrency to facilitate the seamless transfer of funds from the Asian country.
Qian, now identified as Yadi Zhang with a St. Kitts and Nevis passport, moved to the U.K. in 2017. However, prosecutors said she has since fled the country and remains at large.
The authorities uncovered the fraudulent activities when Zhang enlisted the help of Jian Wen to launder the money, ultimately attracting attention when attempting to purchase a £23.5 million mansion in London. This led to a police raid on their £17,000-per-month rented apartment, resulting in the seizure of numerous digital wallets containing the 61,000 BTC.
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