Zhimin Qian, 47, also known as Yadi Zhang, was sentenced to 11 years and eight months in prison at Southwark Crown Court on Tuesday after admitting to money laundering and possessing and transferring criminal property.
Her accomplice, Seng Hok Ling, 47, was sentenced to four years and 11 months for his role in the criminal enterprise.
Prosecutors told the court that Qian, a Chinese national, ran a vast Ponzi scheme through her company Lantian Gerui between 2014 and 2017, defrauding tens of thousands of investors in China before fleeing the country.
Luxury life funded by crime
After escaping to the UK in 2017, Qian converted her stolen funds into Bitcoin and embarked on a life of luxury across Europe. She stayed in five-star hotels, travelled extensively, and spent lavishly on high-end jewellery and real estate.
In September 2017, she rented a luxury property in Hampstead, north London, for £17,333 per month, claiming to be a successful jewellery business owner. The following year, she attempted to buy a £12.5 million London mansion, prompting suspicions that eventually alerted authorities.
When Metropolitan Police officers raided her Hampstead home in October 2018, they found laptops containing Bitcoin wallets worth millions of pounds. However, Qian provided a false identity and fled the UK shortly after the search.
Court documents later revealed that Qian harboured grand ambitions, including an apparent desire to become the “monarch of Liberland”, a self-proclaimed micronation between Croatia and Serbia.
Bitcoin trail leads to arrest
Qian managed to evade capture for almost six years before she was finally tracked down in April 2024 at a property in York. Police discovered several electronic devices, including a laptop holding cryptocurrency wallets worth millions.
Her arrest followed a transfer of Bitcoin that helped investigators trace her location.
During the operation, police also identified Ling, a Malaysian national living in Derbyshire, who had helped Qian by arranging rental properties and other logistics.
Ling’s lawyer, Narita Bahra KC, told the court that he played only a “subservient role” and acted under Qian’s instructions, describing her as the “boss lady” of the operation.
Accomplices jailed
Another accomplice, Jian Wen, was previously convicted of money laundering in connection with Qian’s criminal activities. Wen was sentenced to six years and eight months in prison earlier this year after it emerged she helped Qian convert Bitcoin into luxury goods and cash.
Prosecutor Gillian Jones KC told the court that the total Bitcoin seized was initially valued at £5.5 billion, though its value fluctuates with the market and is currently estimated at around £5 billion.
‘Largest cryptocurrency seizure in UK history’
The case marks a major milestone in the UK’s efforts to tackle cryptocurrency-related crime. The Metropolitan Police described the Bitcoin seizure as the largest in British history and one of the biggest globally.
Qian’s sentencing brings to a close a decade-long international investigation that spanned multiple countries and financial jurisdictions.
