Chinese prosecutors seek to seize over 61,800 BTC in the Qian Zhimin fraud case.

ChainCatcher report, according to CoinDesk citing The Paper, Chinese prosecutors are seeking to confiscate over 61,800 bitcoins and other assets linked to a fraud case exceeding RMB 40 billion. The case centers on Qian Zhimin, the actual controller of Tianjin Lan Tian Ge Rui Electronic Technology. Prosecutors allege that between 2014 and 2017, the company sold unlicensed financial products in China, raising over RMB 40.378 billion from more than 102,000 investors, resulting in losses of nearly RMB 20 billion for investors. The funds were allegedly used to repay earlier investors, operate fake investment projects, and purchase bitcoins, real estate, cars, and jewelry—rather than being invested in legitimate business operations. Qian Zhimin fled China in 2017 and settled in the UK. UK authorities have seized his assets, including over 61,800 bitcoins, as well as Bitcoin Cash, Bitcoin Gold, Bitcoin SV, XRP, Dogecoin, cash, jewelry, and investment holdings. On October 13, the Second Intermediate People's Court of Tianjin announced it had accepted the prosecutors’ application to confiscate the aforementioned assets as proceeds of crime and initiated a six-month public notice period to allow victims and interested parties to participate in the proceedings; those who do not participate may still apply for compensation from recovered assets. Previously, the UK High Court ruled that Chinese law, rather than UK law, should apply to victims’ claims regarding the over 61,000 bitcoins seized in the UK. This ruling requires determining under Chinese law whether victims hold property rights; further hearings are scheduled, and some victims’ lawyers are seeking to appeal.