Fugitive Chinese Fraudster Caught in UK After £5.5bn Bitcoin Scam

By Micheal Chukwuebuka

A Chinese national has been jailed in the UK following the country’s largest-ever cryptocurrency seizure, involving bitcoin worth more than £5.5 billion at the time of her conviction.

Zhimin Qian, 47, also known as Yadi Zhang, orchestrated a massive Ponzi scheme in China, defrauding over 128,000 victims between 2014 and 2017 through her company, Lantian Gerui. When Chinese authorities investigated her activities, she fled to the UK in September 2017 under a fake identity.

While on the run, Qian lived lavishly, renting a Hampstead property for £17,333 per month and traveling across Europe, converting bitcoin into cash, jewellery, and property. In 2018, she attempted to buy a £12.5 million London property, sparking UK authorities’ investigations.

Qian recruited accomplices including Jian Wen, who helped establish her life in London, and Seng Hok Ling, who assisted with transferring criminal property. Ling, a Malaysian national, claimed he was unaware of Qian’s full criminality and described her as the “boss lady.”

Qian evaded arrest for nearly six years until April 2024, when she was caught in New York following a trail of bitcoin transfers. Authorities recovered multiple devices, including a laptop containing millions in bitcoin.

On Tuesday, Qian was sentenced to 11 years and 8 months for money laundering and possessing criminal property, while Ling received 4 years and 11 months. At conviction in September, the bitcoin was valued over £5.5 billion; it is now worth around £5 billion.

This case marks the UK’s largest cryptocurrency seizure, highlighting the challenges of tracing digital assets tied to international financial crime.