Chinese prosecutors are seeking to confiscate more than 61,800 Bitcoins (BTC) from the defendant suspected of orchestrating a fraudulent investment scheme worth 5.7 billion yuan. The case involves Qian Zhimin, who is accused of operating an investment company that illegally gathered more than 40 billion yuan from over 102,000 investors between 2014 and 2017.
On October 13, a Tianjin court accepted the prosecutors’ request to seize the cryptocurrency assets and opened a six-month procedure for investors and other stakeholders to join the case. Authorities in Britain’s capital arrested the suspect and confiscated the cryptocurrency from his account when he tried to relocate from China to the UK.
According to Chinese news outlet thepaper.cn, Qian allegedly managed a firm, Tianjin Lantian Gree Electronic Technology, which tricked investors into putting their money in the purportedly legitimate investment fund.
🚨 BREAKING: Chinese prosecutors move to seize over 61,800 BTC
The coins are tied to an alleged $5.7B fraud by Qian Zhimin’s company that drew in over 102,000 investors. Days before, a British court ruled Chinese law decides victims’ claims. https://t.co/y4HYNbqqAf
— Learning Crypto (@learningcrypto) October 22, 2026
The company was not officially licensed to sell any financial products, but it promised consistent profits to those who invested in it. In turn, most of the deposits went to paying off previous investors’ withdrawals and funding fake investment schemes, buying Bitcoin (BTC), and buying luxury items such as cars and real estate.
In total, the investment fraud scheme amassed more than 40.378 billion yuan in deposits and illegally collected 20 billion yuan in cash, coins, and other valuables. Moreover, over 102,000 investors suffered losses totaling nearly 20 billion yuan. This case is now considered one of the largest investment fraud cases in China involving digital assets.
The suspect allegedly left China in 2017 and moved to the UK. Authorities in Britain’s capital arrested him and confiscated more than 61,800 BTC and other digital assets, including Bitcoin Cash (BCH), Bitcoin Gold (BTG), Bitcoin SV (BSV), XRP, and Dogecoin (DOGE), from his account. In addition, the police found cash, investment funds, jewelry, and other personal belongings belonging to the suspect.
Now Chinese authorities are pursuing the case, while Tianjin court granted victims and other stakeholders six months to participate in the proceedings. Those who join the case may be able to reclaim some or all of the funds illegally withdrawn from their accounts. On the other hand, those who do not wish to join the proceedings may still file a claim for reimbursement against any assets found during the investigation.
Previously, in the UK, a High Court ruled that the dispute over the allegedly fraudulent Bitcoin (BTC) deposits should be resolved under China’s law, not English law. The ruling does not mean that victims have no recourse in their attempts to recover the illegally withdrawn funds. By contrast, the dispute resolution process in China will determine whether the victims have any legal claims against the defendant’s assets.
It is necessary to highlight that the case’s outcome may affect many stakeholders. For instance, if the 61,800 BTC confiscated from the suspect in Britain belong to the victims, the funds’ value would be substantial. Consequently, the case’s outcome may determine how much each investor will be reimbursed in the future.
However, it remains unclear what the final ruling will be in the dispute between the UK and China over the allegedly fraudulent investment scheme. Both nations’ jurisdictions will have to review the case’s details before a final ruling. Meanwhile, investors’ lawyers are preparing to challenge the recent decision in UK courts.
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