A Chinese fraudster implicated in a Bitcoin scam exceeding £5.5 billion spent years evading British authorities by traveling across Europe and indulging in luxury accommodations. Zhimin Qian, also known as Yadi Zhang, orchestrated a Ponzi scheme defrauding over 128,000 victims in China from 2014 to 2017, storing the illicitly obtained funds in Bitcoin assets.
Upon fleeing to the UK in 2017 to escape Chinese authorities, Qian enlisted the help of accomplices to establish a new life. Despite being on the radar of British authorities since 2018, she managed to evade capture until her arrest in April last year, marking the UK’s largest cryptocurrency seizure.
Qian, alongside her accomplice Seng Hok Ling, faces sentencing for their involvement in the multibillion-pound fraudulent Bitcoin scheme after pleading guilty to money laundering charges. Prosecutors revealed that Qian founded the fraudulent business Lantian Gerui in 2014, deceiving thousands of victims who suffered substantial financial losses.
Qian’s lavish lifestyle in Europe, characterized by stays in upscale hotels and extravagant purchases, drew attention to her illicit activities. She took precautions to avoid extradition-prone countries, predominantly traveling by car to circumvent customs checks. Notably, a significant Bitcoin transfer and luxury item acquisitions occurred during her travels.
After a failed attempt to purchase a £12.5 million property in London in 2018, suspicions arose concerning the source of her funds, triggering a thorough investigation by UK authorities. Qian’s elaborate efforts to conceal her identity and wealth were uncovered during a police raid in 2018, ultimately leading to her apprehension in April 2024.
Accompanied by her accomplices, Qian continued to elude authorities until her recent arrest, during which police discovered substantial amounts of Bitcoin and incriminating documents at her residence. Ling, who facilitated Qian’s accommodations in various locations, and Wen, convicted of money laundering, also face legal consequences for their roles in the elaborate scheme.
The sentencing proceedings for Qian and Ling are ongoing and are anticipated to conclude shortly, shedding light on the consequences of their involvement in one of the UK’s most significant cryptocurrency fraud cases.
