China seeks to seize 61,896 Bitcoin linked to fraud
- Chinese prosecutors are seeking confiscation of 61,896 Bitcoin linked to an alleged investment fraud involving more than 40 billion yuan.
- The case also covers other cryptocurrencies, cash, jewellery and financial assets seized by UK authorities.
- More than 102,000 investors suffered losses totalling approximately 19.98 billion yuan, according to the prosecutors’ application.
Chinese prosecutors are seeking to confiscate 61,896 Bitcoin linked to an alleged investment fraud that raised more than 40.37 billion yuan, according to a report by The Paper.
The Tianjin No. 2 Intermediate People’s Court accepted the confiscation application on 28 September, beginning a six-month period for eligible parties to join the proceedings.
The application concerns assets linked to Qian Zhimin, who controlled Tianjin Lantian Gerui Electronic Technology during the alleged fraud scheme.
Between April 2014 and August 2017, the scheme raised more than 40.37 billion yuan through investment products advertised as offering principal protection and returns.
The application covers 61,896 Bitcoin, approximately 72,746 Bitcoin Cash (BCH), 72,746 Bitcoin Gold (BTG), 72,746 Bitcoin SV (BSV), 3.61 million XRP (XRP) and 70.08 million Dogecoin (DOGE).
UK authorities seized the assets, which also include cash, jewellery and financial holdings, after Qian fled China and later faced proceedings in Britain.
Prosecutors said more than 102,000 investors lost over 19.977 billion yuan, while eligible victims and other interested parties can apply to participate in the confiscation proceedings.
The case could determine how assets linked to the alleged fraud are handled, with confiscation subject to the court’s proceedings and lawful repayment to affected investors.
