A Chinese fraudster at the centre of a monumental Bitcoin scam valued at over £5.5 billion successfully evaded British authorities for nearly six years, a court has heard. Zhimin Qian, 47, who also used the alias Yadi Zhang, lived a life of luxury across Europe before her eventual arrest in April 2024.
The Multi-Billion Pound Ponzi Scheme
Between 2014 and 2017, Qian masterminded a sophisticated Ponzi scheme through her company, Lantian Gerui, which translates to 'Blue Sky'. The operation defrauded more than 128,000 investors in China, with many losing substantial sums of money. The illicit profits were then converted and stored in Bitcoin assets.
When Chinese authorities began investigating her activities, Qian fled to the UK in September 2017, arriving as a fugitive. She promptly recruited an accomplice, Jian Wen, to help her establish a new life. The court heard that Wen was "handsomely rewarded" for her services, which transformed her prospects overnight.
A Lavish Lifestyle Funded by Crime
Upon her arrival, Qian rented a lavish property in Hampstead, London, for a staggering £17,333 per month, falsely claiming to be a successful jewellery business owner. She then embarked on extensive travels across Europe, often accompanied by Wen, staying in upmarket hotels and sightseeing.
Her extravagant spending was detailed in court, including one instance in Zurich, Switzerland, where she purchased two watches for nearly £120,000. The pair travelled predominantly by car to avoid customs checks and carefully avoided countries with extradition treaties with China. During these trips, Bitcoin was sold for cash to fund jewellery purchases and potential property acquisitions in Europe.
The Investigation and Eventual Capture
The scheme began to unravel in 2018 when Qian attempted to buy a £12.5 million London property. Suspicious about the source of her Bitcoin funds were raised, acting as a "catalyst" for a UK investigation. The Metropolitan Police visited her Hampstead home in October 2018 after executing a search warrant.
Qian, who was discovered in bed, gave a fake name and claimed to be ill. Police found laptops containing millions of pounds worth of Bitcoin but did not initially grasp the full extent of their discovery. Neither Qian nor Wen were arrested at that time.
Following the police raid, Qian fled the UK. For nearly six years, she remained at large, ultimately being tracked down to an address in York in April 2024. Police found her living with four other individuals, including her accomplice Seng Hok Ling, 47, a Malaysian national who had arranged rental properties for her. Authorities seized a laptop containing a cryptocurrency wallet holding £27.3 million in Bitcoin.
Qian pleaded guilty to acquiring and possessing criminal property. Ling pleaded guilty to transferring criminal property. Wen was convicted of money laundering in a separate trial and sentenced to six years and eight months in prison. The sentencing hearing for Qian and Ling continues at Southwark Crown Court.
