During a court session, it was revealed that a Chinese scammer connected to a Bitcoin fraud valued at over £5.5 billion spent years avoiding British authorities by indulging in European travels and luxury hotel stays.
Zhimin Qian, 47, orchestrated a Ponzi scheme that defrauded more than 128,000 individuals in China between 2014 and 2017, channeling the illicit proceeds into Bitcoin assets.
Also known as Yadi Zhang, Qian fled to the UK in 2017 as a fugitive, eluding Chinese authorities’ scrutiny. Upon her arrival, she enlisted the help of partners to establish a new life.
At a sentencing hearing at Southwark Crown Court, it was disclosed that Qian extensively traveled across Europe, residing in upscale hotels and acquiring expensive jewelry, including buying two watches for almost £120,000 on one occasion.
British authorities finally apprehended Qian in April last year after nearly six years on the run, leading to what is termed as the UK’s largest cryptocurrency seizure. Following her admission of guilt to money laundering charges, Qian and her associate, Seng Hok Ling, 47, are set to be sentenced for their involvement in the multi-billion-pound fraudulent Bitcoin operation.
Gillian Jones KC, the prosecutor, revealed that Qian established the fraudulent enterprise Lantian Gerui, translating to Blue Sky, in March 2014, attracting investments from over 128,000 victims, many of whom suffered significant financial losses.
After fleeing China, Qian arrived in the UK and engaged Jian Wen to assist in creating a new identity. Wen was generously compensated for her services, elevating her life circumstances significantly.
Qian leased an extravagant residence in Hampstead, London, in September 2017, misrepresenting herself as a successful jewelry business owner to the estate agent, paying a monthly rent of £17,333.
In October 2017, Wen traveled to Thailand at Qian’s behest to retrieve a laptop containing stored Bitcoin.
Ms. Jones KC stated, “During her time in the UK, Qian traveled extensively across Europe with Wen, indulging in luxurious accommodations and tourism activities. Bitcoin transactions, jewelry purchases, and property considerations in Europe marked these trips.”
The court learned that Qian strategically avoided countries with Chinese extradition treaties, predominantly opting for car travel to evade customs scrutiny. During one excursion, she spent £119,200 on two watches in Zurich, Switzerland.
In 2018, Qian attempted to acquire a £12.5 million property in London, leading to suspicions about her Bitcoin holdings, triggering a thorough investigation.
Upon raising concerns about the source of funds related to the property purchase, UK authorities contacted Wen, who was facilitating the transaction for Qian. Qian was aware of the police scrutiny regarding her Bitcoin origins.
In October 2018, Metropolitan Police executed a search warrant at Qian’s Hampstead residence, where they discovered her in bed, claiming physical discomfort. Subsequently, laptops containing substantial Bitcoin holdings were found, but Qian and Wen evaded arrest temporarily due to the complex nature of the case.
Later investigations uncovered documents detailing Qian’s ambitions, including a desire to become the monarch of Liberland, a self-proclaimed nation between Croatia and Serbia.
Following a police raid in October 2018, Qian left the UK, managing to evade capture for nearly six years until her recent arrest.
Wen was apprehended in May 2021 at the Hampstead residence and faced money laundering charges. In April 2024, police discovered Qian and four others at an address, all working for Qian while she maintained a low profile to avoid detection.
Authorities found multiple devices at Qian’s residence, including a laptop with a cryptocurrency wallet holding £27.3 million worth of Bitcoin.
Qian was arrested in April 2024 and transported to a local police station, where she mostly remained silent, asserting her innocence in the limited interactions with authorities.
Ling, a Malaysian national, was responsible for arranging properties for Qian to reside, including an Airbnb in Scotland. Qian, with no fixed abode, pleaded guilty to criminal property acquisition and possession, while Ling from Derbyshire pleaded