Business
Chinese woman convicted in UK after ‘world’s biggest’ bitcoin seizure
Osmond ChiaBusiness reporter, Singapore
Metropolitan PoliceA Chinese national has been convicted of playing a key role in what is believed to be the single largest cryptocurrency seizure in the world, worth more than £5bn ($6.7bn).
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court, London of illegally acquiring and possessing the cryptocurrency.
Between 2014 and 2017, she led a large-scale scam in China by cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, the Metropolitan Police said in a statement.
The Met said the 47-year-old’s guilty plea follows a seven-year probe into a global money laundering web.
The police said the probe began in 2018 after they got a tipoff about the transfer of criminal assets.
Qian had been “evading justice” for five years up to her arrest, which required a complex investigation involving multiple jurisdictions, said Detective Sergeant Isabella Grotto, who led the Met’s investigation.
She fled China using false documents and entered the UK, where she attempted to launder the stolen money by buying property, said the Met.
She had help from another Chinese national, Jian Wen. The former takeaway worker was jailed for six years and eight months last year for her part in the criminal operation.
The Met said it had seized a total of 61,000 bitcoins from Qian.
“Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Robin Weyell, deputy chief Crown prosecutor for the Crown Prosecution Service.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
Monday’s conviction marks the “culmination of years of dedicated investigation”, which has involved the police and Chinese law enforcement teams, said Will Lyne, the Met’s Head of Economic and Cybercrime Command.
The Met said the investigation is still ongoing.
In 2024, Chinese media reported that investors, mostly between 50 and 75 years old, poured “hundreds of thousands to tens of millions” of yuan into schemes promoted Qian.
The investors reportedly knew little about Qian, who was described as “the female god of wealth”.
The Crown Prosecution Service (CPS) is working to ensure the fraudsters do not get hold of the stolen funds, the Met said.
The CPS said last year that many of the victims had some of their money returned to them by a compensation scheme established in China.
Qian is being held in custody ahead of sentencing. The date of her sentencing has yet to be fixed.
The BBC has contacted the Chinese embassy in the UK for comment.
Morgan Stanley on Wednesday posted results that topped analyst estimates as the firm’s trading operations generated almost $1 billion more in revenue than expected.
Here’s what the company reported:
- Earnings: $3.43 a share vs. $3 LSEG estimate
- Revenue: $20.58 billion vs. $19.72 billion estimate
The bank said profit jumped 29% to $5.57 billion, or $3.43 a share. Revenue rose 16% to $20.58 billion, fueled by gains in the firm’s trading, investment banking and wealth management businesses.
Equities trading revenue jumped 25% to a record $5.15 billion, or about $450 million above the StreetAccount estimate. The firm cited strong volumes across its global equities franchise, especially in its prime brokerage business catering to hedge funds and its derivatives unit.
Fixed income revenue rose 29% to $3.36 billion, or about $540 million more than expected, helped by commodities trading that benefited from volatility in energy markets in the period.
Morgan Stanley, led by CEO Ted Pick since 2024, appears to have capably navigated the tumult of the first quarter, which saw rolling corrections in software stocks and the upheaval caused by the Iran war. Of note, the bank edged out rival Goldman Sachs in the key arena of fixed income trading, where Goldman posted an unusually large miss of $910 million versus the StreetAccount estimate.
Morgan Stanley’s investment banking revenue surged 36% to $2.12 billion, essentially matching the StreetAccount estimate, on rising fees from completed mergers, as well as stock and bond underwriting.
Wealth management revenue climbed 16% to a record $8.52 billion as the firm cited rising asset values and fee-generating transactions.
The firm’s smallest division, its investment management business, saw revenue drop 4.2% to $1.54 billion, or about $110 million below expectations. Morgan Stanley cited lower carried interest on private funds for the drop in performance.
Analysts will want to know what Pick has to say on the business outlook for the rest of the year as geopolitical tensions remain high.
This story is developing. Please check back for updates.
Business
First time in 7 years! India gets 4 million barrels of crude oil from Iran just ahead of Trump waiver expiry – The Times of India
In the middle of the ongoing Middle East conflict, India has received around 4 million barrels of crude from Iran. This is the first time in around seven years that India has procured crude oil from Iran. India is looking to quickly secure supplies ahead of a deadline set by the Donald Trump administration that expires over the weekend.India, which relies heavily on imported energy and is sensitive to price fluctuations, has felt the impact of disruptions in global oil flows following strikes by the United States and Israel on Iran since late February.
To manage the situation, it has made use of temporary waivers granted by Washington that permitted purchases of previously restricted Russian and Iranian crude, aimed at easing global oil prices. One of these waivers has already lapsed, while the other is set to expire soon unless extended at the last moment.
India Receives Crude Oil From Iran
A Bloomberg report quoting sources familiar with the matter and vessel-tracking data from intelligence firms Kpler and Vortexa, said that the very large crude carrier Jaya, fully loaded with Iranian oil, is currently unloading its cargo at Paradip on India’s eastern coast.Also Read | Atmanirbhar Bharat 2.0 push: Amid Middle East conflict, India working on self-reliance in energy, nuclear power Another tanker, Felicity, is carrying out similar operations at Sikka on the western coast. Both vessels, which are under US sanctions, are expected to leave Indian ports by Friday, based on port documents reviewed by Bloomberg News.Indian Oil Corporation handles crude shipments at Paradip, while Sikka is used by Reliance Industries and Bharat Petroleum Corporation, which operates a single-point mooring facility in the area.India had been a major importer of seaborne Russian crude until last year and quickly ramped up those purchases. However, refiners have faced greater challenges in sourcing and paying for Iranian shipments due to continuing financial sanctions. Earlier this month, India indicated that it would procure crude from Iran, among other sources, to deal with the ongoing supply strain.The arrival of cargoes carried by the tankers Jaya and Felicity, both under US sanctions for their role in transporting Iranian oil, suggests that alternative arrangements have been put in place to facilitate these imports, the report said.Meanwhile, another Iran-linked vessel, Derya, is currently positioned off India’s western coast with a full load of crude. The tanker had taken on cargo at Kharg Island in late March, but may have missed the deadline tied to the US waiver. It is currently signaling that it is awaiting further instructions, indicating that it has yet to secure a destination port.Also Read | Trump’s blockade of Strait of Hormuz begins: How will India be impacted?
Standard Life has agreed to buy rival Aegon’s UK business for £2 billion in a move set to create a pension and savings giant.
The deal will see Standard Life, recently rebranded from Phoenix Group, oversee 16 million customers and £480 million in assets under administration.
Under the terms, Standard Life will pay £750 million in cash, part-funded through debt, and issue 181.1 million new shares to Dutch financial firm Aegon.
The transaction will grant Aegon a 15.3 per cent stake in the FTSE 100-listed Standard Life, along with the right to appoint one non-executive director to the combined group’s board.
Andy Briggs, Standard Life chief executive, said the agreement to acquire Aegon UK “significantly accelerates our vision to be the UK’s leading retirement savings and income business”.
“Together, we will not only be stronger, we will be better.”
Standard Life is understood to have seen off rival bidders, such as Lloyds Banking Group and Barclays, to secure the deal.
Amsterdam-listed Aegon, which is based in Schiphol in the Netherlands, put its UK arm up for sale at the end of last year as part of a group-wide overhaul that will see it move its headquarters to the US and be renamed as Transamerica.
Standard Life said the deal – set to complete around the end of 2026 – will catapult it to second place in Britain’s retail pensions and savings market and in the same position for workplace pensions, adding Aegon UK’s 3.8 million customers and £160 billion in assets under management.
It is aiming to drive savings of £110 million a year after the deal, with over half delivered by the end of 2029 and the rest by the end of 2031, driven by cuts made across combined group and head office operations and as the pair integrate their platforms.
Lard Friese, Aegon chief executive, said: “The businesses are complementary and the combination offers an excellent outcome for Aegon UK’s customers and colleagues.
“Aegon’s shareholding will provide an opportunity to participate in the future success of the enlarged group.”
Phoenix Group bought Standard Life’s insurance business from the then Standard Life Aberdeen in 2018 and announced plans to rebrand as Standard Life last year.
It also has brands including SunLife, Phoenix Life, ReAssure and Phoenix Wealth.
Panmure Liberum analyst Abid Hussain said: “Overall, this looks like a good deal, although there will be questions on why the expense and capital synergies take five years to fully realise; we would ordinarily expect this to be achieved in three years.”
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