Chinese investors defrauded in the Zhimin Qian Ponzi scheme have asked the UK High Court to reject a government-backed redress plan for 61,000 seized Bitcoin. They argue that the proposal to route compensation through a Chinese scheme could strip them of the £3.2bn haul’s gains and leave British authorities holding much of the upside, according to the Financial Times.London police seized about 61,000 Bitcoin during an investigation into Chinese national Qian, who ran an investment fraud between 2014 and 2017 that targeted more than 128,000 investors in China.Qian converted proceeds into Bitcoin and moved the funds to the UK, where officers later recovered the assets from electronic devices at a Hampstead property. Chinese Victims Contest UK Redress PlanQian evaded authorities for nearly five years while amassing one of the largest cryptocurrency fortunes ever seized in the UK. She was sentenced to more than 11 years in prison last November. A Chinese woman has been sentenced in the UK to more than 11 years in prison for running a $6.6 billion Bitcoin Ponzi scheme that defrauded over 128,000 people worldwide. pic.twitter.com/HRxK4J8nqN— Breaking911 (@Breaking911) November 13, 2025She converted tens of millions of pounds into Bitcoin and entered Britain on a false passport to live in luxury rented properties with accomplices. Bitcoin’s price has since risen sharply since the fraud took place, lifting the value of the seized stash to around £3.2bn at current levels of roughly £52,300 per coin.Victims are now using section 281 of the Proceeds of Crime Act to seek recovery of the assets through the English courts rather than through an out-of-court scheme proposed by UK authorities. Under that plan, compensation funds would be sent to China and distributed via an existing redress mechanism there, while the UK would likely retain a significant share of the remaining Bitcoin.Read more: UK Court Hands Nearly 12-Year Sentence in Massive £5B Bitcoin Case: ReportLaw firm Candey, which represents about 5,700 victims, told the High Court it has concerns over whether the proposed scheme would run in line with principles of fairness, warning that some clients “could stand to recover nothing without access to justice before the English courts.”Law Firms and Prosecutors Clash over Access and FeesThe firm said its fee arrangements, which cap total charges for UK and China legal teams at 18% of any sums recovered, allow victims without resources to pursue claims while keeping the “vast majority” of any recovery.A preliminary High Court hearing in July will decide whether English or Chinese law governs the victims’ claims to the seized Bitcoin, with a 22 May deadline set for section 281 applications. The court has appointed Fieldfisher as lead firm for claimants on the governing-law issues, while authorities in London and Beijing work on an agreement to divide the assets and route compensation through China. This article was written by Jared Kirui at www.financemagnates.com.

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