Key Notes
- Chinese prosecutors seek forfeiture of more than 61,800 Bitcoin and other assets seized in the UK.
- The court announced the case on October 13 after accepting it on September 28.
- The application does not establish a completed handover, investor repayment or sale.
Chinese prosecutors are seeking the forfeiture of more than 61,800 Bitcoin and other assets linked to a multibillion-dollar investment fraud operated through Tianjin Lantian Gerui Electronic Technology.
The assets were seized by UK authorities after the scheme’s organizer, Qian Zhimin, fled China. The Chinese application concerns alleged criminal proceeds and their gains, with provision for assets lawfully returned to investors who suffered losses.
Tianjin’s Second Intermediate People’s Court announced the case on October 13. It had accepted the application on September 28, according to its notice, described in Chinese media. Acceptance begins consideration of the request; it does not establish that the Bitcoin has been transferred to China or sold.
A $5.7 Billion Fundraising Scheme
According to the prosecution’s account quoted by Jiemian, the company raised more than 40.378 billion yuan, roughly $5.7 billion, between April 2014 and August 2017. It sold fictitious investment products without the required financial authorization, promising principal protection and high returns.
Prosecutors say incoming money financed repayments to earlier investors, sham projects, Bitcoin purchases and spending on property, cars and jewelry. Most of the funds were not used for productive business activities.
The Chinese application puts losses at more than 19.977 billion yuan across over 102,000 affected participants. That is the loss count used in this proceeding; UK prosecutors have separately described a broader fraud involving more than 128,000 victims.
UK Seizure and Conviction
Qian, also known as Yadi Zhang, later tried to turn cryptocurrency into expensive property and other assets in Britain. The Crown Prosecution Service said she received an 11-year, eight-month prison sentence in November 2025 after pleading guilty to money-laundering offenses.
The CPS described the investigation’s recovery of more than 60,000 BTC as the UK’s largest cryptocurrency seizure. That conviction is separate from the Chinese proceedings over the alleged fundraising fraud and the disposition of its proceeds.
Recovery Does Not Determine the Final Recipient
The Chinese forfeiture request also covers other cryptocurrencies, cash, jewelry and financial assets. Reporting on the court notice says recovery would exclude amounts lawfully returned to injured investors.
UK authorities have their own asset-recovery process. A January CPS statement explained that Qian’s assets were frozen in connection with civil recovery proceedings before the High Court.
CoinScreamer’s earlier Bitfinex coverage examined the same distinction between recovering cryptocurrency, deciding ownership and distributing assets. The Chinese application does not, by itself, establish a UK handover, investor repayment or market sale.
Disclaimer: CoinScreamer is an independent media brand owned and operated by NuvexMedia LLC, publishing news, research, and market insights on digital assets and related technologies. NuvexMedia LLC invests in and collaborates with companies across the digital asset, blockchain, and technology sectors. These relationships do not influence CoinScreamer’s editorial coverage, and the publication maintains full editorial independence to provide accurate, timely, and objective information. © 2025 NuvexMedia LLC. All rights reserved. This content is for informational purposes only and should not be considered legal, tax, investment, financial, or other professional advice.
