From Decrypt · By Decrypt Agent
In brief
Prosecutors in Tianjin have applied to confiscate 61,896 BTC and other assets linked to Zhimin Qian, and a local court has accepted the case.
Qian allegedly raised more than 40 billion yuan from the public between 2014 and 2017, leaving more than 102,000 investors with losses.
The assets are held in the UK, where the High Court ruled this month that Chinese law should govern victims' claims to the Bitcoin.
Prosecutors in China have applied to confiscate the 61,896 BTC seized from Zhimin Qian in the UK, and a court in Tianjin has agreed to hear the case, according to a court notice reported by Chinese outlet The Paper.
The Bitcoin is worth about $5.1 billion at its current price of around $82,000.
BitcoinBTC · USD$82,046+1.24%Oct 15Oct 17Oct 18Oct 20Oct 22$84.8k$83.3k$81.8k$80.2k24h HighHigh$84,80824h LowLow$81,607VolVol$1.8BMarket projectionsOdds by MyriadTodayAbove $82,000Above $82k53% chanceThis weekAbove $82,000Above $82k52% chance→Buy Bitcoin with USDTPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →The Tianjin No. 2 Intermediate People's Court said it accepted the application from the city's prosecutors on September 28, and published a notice on October 13. The court said there was evidence that Qian had committed fundraising fraud, mainly in Tianjin's Hedong district.
Besides the Bitcoin, prosecutors are seeking about 72,746 units each of Bitcoin Cash, Bitcoin Gold and Bitcoin SV, around 3.6 million XRP, and some 70 million Dogecoin, which UK authorities have already converted and placed in an interest-bearing account. The application also covers U.S. dollar, euro and pound cash, jewelry, bank balances and investment portfolios.
According to the prosecutors' application, Qian was the controller of Tianjin Lantian Gerui Electronic Technology, and between April 2014 and August 2017 sold fake wealth management products across China without a license, promising guaranteed returns. The scheme raised more than 40.38 billion yuan, most of which was not used for any genuine business, and left more than 102,000 investors with losses totaling about 19.98 billion yuan, prosecutors said.
Qian fled China in July 2017 with computers holding Bitcoin wallets and eventually reached the UK, where she converted some of the coins into other assets.
Prosecutors argue the seized assets are proceeds of crime that should be recovered, returned to victims, and otherwise confiscated. Because Qian has been a wanted fugitive for more than a year, the case falls under Chinese rules that allow confiscation without the suspect present.
Victims can apply to join the proceedings through a WeChat mini-program, though those who do not will still be able to receive repayments from any recovered assets. The notice period runs for six months, after which the court will hear the case.