A Chinese fraudster linked to a Bitcoin scam exceeding £5.5 billion has been revealed to have spent years evading British authorities by traveling around Europe and luxuriating in high-end hotels. Zhimin Qian, also known as Yadi Zhang, orchestrated a Ponzi scheme defrauding over 128,000 victims in China from 2014 to 2017, funneling the illicit proceeds into Bitcoin assets.
Upon attracting attention from Chinese authorities, Qian fled to the UK in 2017, where she enlisted the help of accomplices to establish a new identity. During her time on the run, she embarked on lavish travels across Europe, indulging in opulent accommodations and extravagant purchases, including pricey jewelry.
Despite managing to remain elusive for several years, British authorities finally apprehended Qian in April last year, marking a significant breakthrough in what has been labeled as the UK’s largest cryptocurrency confiscation. Following a guilty plea for money laundering charges, Qian and her associate Seng Hok Ling are set to receive sentencing for their involvement in the multibillion-pound Bitcoin fraud scheme.
The court learned that Qian founded a fraudulent enterprise named Lantian Gerui in 2014, attracting investments from over 128,000 individuals, many of whom suffered substantial financial losses. After her escape from China, Qian recruited Jian Wen to assist in her transition to a new life, rewarding Wen handsomely for her services.
Further revelations disclosed Qian’s extravagant lifestyle in the UK, including renting a luxurious property in Hampstead and engaging in high-value Bitcoin transactions during her European escapades. The police investigation intensified in 2018 following suspicions surrounding Qian’s real estate endeavors, leading to her eventual arrest in a significant crackdown on the cryptocurrency scam.
As legal proceedings continue, Qian and Ling face pending sentencing while Wen has already been convicted of money laundering, receiving a substantial prison term for her role in the illicit activities. The court proceedings are ongoing, with the conclusion expected imminently.