China, UK police join forces to recover funds from massive crypto fraud
Chinese police are working with UK law enforcement authorities to track down fugitives and illicit funds involved in a massive cryptocurrency fraud and money laundering case, but experts see little likelihood for victims to recoup their losses.
According to a statement, police in the northern city of Tianjin were “doing everything possible” to help more than 128,000 Chinese investors recoup funds caught in a web of fraudulent wealth schemes perpetrated between 2014 and 2017 by a syndicate, which converted cash into bitcoins and property to hide the scam’s proceeds.
Businesswoman Qian Zhimin, alias Zhang Yadi, in September pleaded guilty at London’s Southwark Crown Court, following what is believed to be the single largest…
