A Chinese woman identified as Zhimin Qian, 47, has been sentenced by a UK court to over 11 years in prison for her role in a massive cryptocurrency fraud scheme. Qian was convicted after defrauding more than 128,000 people in China through a Ponzi scheme, resulting in the recovery of devices holding 61,000 Bitcoin—a haul valued at 5 billion pounds ($6.6 billion) and described by police as the largest crypto seizure ever in the United Kingdom. The prosecution stated that Qian, whom British media dubbed the “cryptoqueen,” was arrested in April 2024 following years of evading authorities and leading an “extravagant” life in Europe, characterized by stays in luxurious hotels and the purchase of high-end jewelry and watches, reports The WP Times with reference to CNN.
The authorities detailed that the businesswoman orchestrated a pyramid scheme between 2014 and 2017, enticing over 128,000 individuals to invest, many of whom poured their life savings and pensions into her venture. The illegally acquired funds were subsequently stored in Bitcoin assets. When the attention of Chinese authorities turned to her operations, Qian fled to the UK using a false identity. Once settled in London, police confirmed she rented a “lavish” house for more than 17,000 pounds ($23,000) per month and attempted, albeit unsuccessfully, to convert the massive Bitcoin fortune by purchasing multi-million-pound properties.
During the investigation, police discovered notes written by Qian documenting her far-reaching aspirations. These included her stated “intention to become the monarch of Liberland, a self-proclaimed country consisting of a strip of land between Croatia and Serbia.” Further notes revealed that Qian held hopes of “meeting a duke and royalty.” Presiding Judge Sally-Ann Hales stressed that Qian was the sole architect of the crimes from beginning to end. "Your motive was one of pure greed. You left China without a thought for the people whose investments you had stolen and enjoyed for a period of time a lavish lifestyle. You lied and schemed, all the while seeking to benefit yourself,” Judge Hales concluded.
Qian, who had previously entered a guilty plea to charges including money laundering offenses and transferring and possessing criminal property, was sentenced Tuesday to 11 years and eight months at Southwark Crown Court. Her accomplice, Seng Hok Ling, 47, a Malaysian national, was also sentenced at the same court for his role in assisting Qian with transferring and laundering the cryptocurrency. Ling received a jail term of four years and 11 months after pleading guilty to one count of transferring criminal property.
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