Reported by: Ijeoma G | Edited by: Henry Owen
In what has become the United Kingdom’s largest-ever cryptocurrency fraud case, a Chinese fugitive, Zhimin Qian, also known as Yadi Zhang, has been sentenced to 11 years and eight months in prison for laundering billions of pounds in bitcoin linked to a massive investment scam.
Qian, 47, orchestrated a Ponzi scheme in China between 2014 and 2017, defrauding more than 128,000 victims through her company, Lantian Gerui. When authorities in China began investigating, she fled to the UK under a fake identity, continuing to live an opulent lifestyle while evading capture.
While on the run, Qian reportedly rented a £17,333-per-month mansion in Hampstead, traveled across Europe, and converted her cryptocurrency into cash, jewellery, and luxury property. Her attempt to purchase a £12.5 million property in London in 2018 raised red flags, sparking investigations by British authorities.
The probe revealed a sophisticated criminal operation supported by two accomplices — Jian Wen, who helped her settle in the UK, and Seng Hok Ling, a Malaysian national who assisted in moving illicit funds. Ling later claimed he did not know the full extent of her crimes, describing Qian as “the boss lady.”
After nearly six years on the run, Qian was finally arrested in York in April 2024 following a trail of bitcoin transfers. Investigators recovered several electronic devices, including a laptop containing millions in bitcoin.
In September, a UK court found her guilty of money laundering and possession of criminal property. Her accomplice, Ling, was also convicted and sentenced to four years and eleven months.
At the time of Qian’s conviction, the seized bitcoin was worth over £5.5 billion, now estimated at around £5 billion, making it the largest cryptocurrency seizure in British history.
Authorities say the case highlights the growing global challenge of tracing digital assets used in transnational financial crimes, with law enforcement agencies calling for stronger international cooperation to prevent similar scams in the future.
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