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A fraudster has been jailed over a scam that led to the UK’s largest ever cryptocurrency seizure of bitcoin worth more than £5.5bn.
Zhimin Qian, 47, defrauded more than 128,000 victims in China through a Ponzi scheme before fleeing to the UK as an international fugitive.
She had stored the illegally obtained funds in bitcoin assets and spent years evading UK police by sightseeing across Europe, staying in upmarket hotels and living a life of luxury, Southwark Crown court heard.
The Chinese national, also known as Yadi Zhang, was arrested last year after spending nearly six years at large.
She was sentenced to 11 years and eight months on Tuesday after previously having admitted money-laundering offences and transferring and possessing criminal property, namely cryptocurrency.
Her accomplice, 47-year-old Seng Hok Ling, was sentenced to four years and 11 months after pleading guilty to transferring criminal property.
When Qian and Ling were convicted in September, the value of the bitcoin was priced at more than £5.5bn, according to Metropolitan police officers. It is currently priced at about £5bn. It has been described as the UK’s largest cryptocurrency seizure.
Gillian Jones KC, prosecuting, told the sentencing hearing that Qian had defrauded more than 128,000 victims between 2014 and 2017 through her business, Lantian Gerui.
She eventually came to the attention of Chinese authorities, prompting her to flee and turn up in the UK in September 2017.
Qian recruited an accomplice, Jian Wen, to help her set up a new life in London.
She started renting a lavish property in Hampstead, having told an estate agent she ran a successful jewellery business. The monthly rent was £17,333, the court heard.
Qian travelled extensively throughout Europe in the months and years that followed, staying in expensive hotels and sightseeing.
It was heard that during these trips, “Bitcoin was transferred and sold in exchange for cash, fine jewellery bought and property in Europe considered for purchase”.
In 2018, Qian tried to buy a £12.5m property in London and after suspicions were raised over her bitcoin, the UK authorities were notified.
Met officers visited her Hampstead home to execute a search warrant that October.
Qian provided the fake name of Yadi Zhang and at this stage the police did not know who she was.
The court heard that for nearly six years, Qian managed to evade arrest and was ultimately at large.
Wen was arrested in May 2021 at the Hampstead address and was subsequently charged with money-laundering. While her trial was ongoing, a transfer of bitcoin was made that led police to identify Seng Hok Ling at an address in York.
Police visited the address in April 2024 and discovered Qian. Authorities found several devices, including a laptop containing a cryptocurrency wallet with millions of pounds-worth of bitcoin. Qian was arrested and charged with the money-laundering offences.
Richard Thomas KC, for Qian, said his client had no previous convictions and had maintained an “exemplary record” while in custody.
Narita Bahra KC, representing Ling, said the Malaysian national did not know the full extent of Qian’s criminality and described her as the “boss lady”.
She said: “This was a subservient role for Mr Ling.”
