Chinese woman jailed in UK over multibillion-pound Bitcoin stash
A Chinese woman who moved to London after allegedly defrauding thousands of investors in China has been sentenced to 11 years and eight months in prison for money laundering. The case involves one of the largest cryptocurrency seizures in British history, Kazinform News Agency correspondent reports.
According to the Metropolitan Police, 47-year-old Qian Zhimin fled China in 2017 and rented a mansion in north London’s Hampstead district for more than £17,000 a month. Investigators say she used money taken from around 120,000 Chinese investors who believed they were funding a high-tech venture that mined cryptocurrency and developed medical technology.
Police raided Qian’s rented home a year later and discovered hard drives and laptops containing tens of thousands of Bitcoin, now worth several billion pounds. The Crown Prosecution Service said the funds originated from investors in Qian’s company, Lantian Gerui, known in English as Bluesky Greet, which authorities described as a large-scale fraudulent investment scheme.
Judge Sally-Ann Hales of Southwark Crown Court said during sentencing that Qian was “the architect” of the operation, driven by greed. The investigation found that the company promised large returns and daily payments to investors, who were encouraged to recruit others. Many elderly investors reportedly lost their savings after the payouts suddenly stopped when Chinese authorities launched an inquiry in 2017.
Qian arrived in the United Kingdom using a fake passport and later posed as a wealthy businesswoman, converting her Bitcoin into cash and real estate with the help of an assistant, Wen Jian, who was also convicted of money laundering in a separate case.
Court documents revealed that Qian had kept diaries outlining plans to establish an international bank, buy properties in Europe, and even pursue leadership of a self-declared microstate called Liberland.
The Bitcoin seized in the UK has increased more than twentyfold in value since Qian’s arrival. A civil case to determine the future of the funds will begin next year, with thousands of Chinese investors expected to file claims. The Crown Prosecution Service said it is also considering a compensation mechanism for unrepresented victims.
Qian’s lawyer described her as a “Bitcoin pioneer” who accepted the court’s decision, stating that while her business practices were misleading, she did not intend to commit fraud.
The UK Treasury has not commented on what will happen to any unclaimed assets.
A similar cryptocurrency-related case was reported last month, when the U.S. Department of Justice indicted Chen Zhi, also known as Vincent, the founder and chairman of Cambodia’s Prince Holding Group, for conspiracy to commit wire fraud and money laundering. Prosecutors said he operated forced-labor compounds in Cambodia that ran online crypto investment scams, generating billions in losses worldwide. U.S. authorities have since seized about 127,000 bitcoins valued at around US $15 billion - the largest forfeiture in the Department’s history.