LONDON – She lived a life of luxury that earned her the nickname “goddess of wealth,” but Chinese businesswoman Zhimin Qian now faces a long jail sentence after police made the UK’s largest-ever cryptocurrency seizure of Bitcoin worth over $6 billion.
The 47-year-old, who used the alias Yadi Zhang, defrauded more than 128,000 victims through a scheme in China from 2014-17 and stored the illegally obtained funds in Bitcoin assets.
Qian played a leading role in the scam.
After fleeing China in 2018 using false documents, she came to the UK where she attempted to launder the proceeds, according to police and prosecutors.
She faces up to 14 years in prison.
The Chinese national, who pleaded guilty to acquiring and possessing criminal property on September 29, will be sentenced after a two-day hearing on Monday and Tuesday at London’s Southwark Crown Court. AFP
A Malaysian accomplice, Seng Hok Ling, also 47, admitted to money laundering at the same court earlier and is also due to be sentenced.
Another accomplice, Jian Wen, was jailed for six years and eight months over her role in the scheme last year after being found with Bitcoin wallets worth over $2 billion.
Qian is believed to have coordinated a Ponzi scheme, which pays out to investors using funds from new entrants.
After converting a large portion of her victims’ money into Bitcoin, she set about laundering the funds in the UK through property purchases including a £23-million ($30-million) London mansion. AFP
