London: A Chinese woman dubbed a “super villain” by prosecutors has been sentenced to 11 years and 8 months in prison by a UK court for orchestrating a massive multibillion-dollar investment fraud and laundering the proceeds through Bitcoin — resulting in Britain’s largest-ever crypto seizure.
Zhimin Qian, 47, also known by her alias Yadi Zhang, masterminded a fraudulent investment operation in China between 2014 and 2017 that amassed 40 billion renminbi ($5.6 billion) from around 128,000 investors. Posing as a successful entrepreneur, she promised lucrative returns but siphoned off the funds to finance a lavish lifestyle and launder money through cryptocurrencies.
A Global Escape Route and Fake Identities
When Chinese authorities raided one of her company’s events in 2017, Qian fled the country on a moped toward the Myanmar border. She then moved through Southeast Asia and Europe using fake passports, including one from St. Kitts and Nevis, before eventually settling in the United Kingdom under a new identity.
In Britain, she continued to live extravagantly — renting luxury mansions, buying jewelry and properties in Dubai, and spending tens of thousands of pounds on designer items. She reportedly plotted to become the “monarch of Liberland,” a self-proclaimed micro-nation located between Croatia and Serbia.
The Arrest and Bitcoin Seizure
Qian’s arrest came after a major investigation by British police, who in 2018 seized 61,000 Bitcoin — worth around $6.4 billion today — from her digital wallets. The haul remains the largest cryptocurrency seizure in UK history.
Her assistant, Seng Hok Ling, 47, was also sentenced to four years and 11 months in prison for helping Qian handle criminal funds, though prosecutors said he was not directly involved in the original Chinese fraud.
A city law firm first alerted police after noticing suspicious Bitcoin transactions linked to attempts to purchase London properties. That tip-off led to the massive crypto bust.
Police later discovered Qian living in York, where they found £48,000 in cash, jewelry, and crypto wallets containing assets worth more than £60 million ($79 million).
Prosecutors Describe ‘Unprecedented’ Crime
“This was an unprecedented scale of money laundering,” said Judge Sally-Ann Hales at London’s Southwark Crown Court. “You lied and schemed all the while to benefit yourself.”
Prosecutors detailed how Qian relied on two key aides — Jian Wen, a fast-food worker turned money launderer who was sentenced last year to over six years in prison, and Ling, who helped manage crypto accounts.
Qian reportedly planned to sell £200,000 worth of Bitcoin each month to fund her lifestyle before her arrest.
Aftermath and Restitution Efforts
The UK government’s National Crime Agency is now working to return the seized Bitcoin to defrauded investors in China.
Following the sentencing, Qian’s lawyer Roger Sahota said, “She accepts her conviction and the mistakes that led to it. She never set out to commit fraud but recognises her investment schemes were fraudulent and misled those who trusted her.”
Qian largely refused to answer police questions after her arrest, only remarking that “she felt she would die soon, and it was her last chance to spend,” prosecutors told the court.