LONDON (AP) – Zhimin Qian, a 47-year-old Chinese woman labeled the "cryptoqueen" by British media, has been sentenced to over 11 years in prison by a U.K. court for her involvement in a massive Ponzi scheme that defrauded over 128,000 investors in China. The court proceedings took place on Tuesday, with Qian receiving a jail sentence of 11 years and eight months at Southwark Crown Court for her role in the scheme. She pleaded guilty to charges of money laundering and possessing illegal property.
The investigation into Qian's activities culminated in the recovery of an astounding 61,000 Bitcoin, valued at approximately 5 billion pounds ($6.6 billion), making it the largest seizure of cryptocurrency ever undertaken in the U.K. Authorities indicated that this significant amount was the result of Qian's fraudulent operations conducted between 2014 and 2017, during which she enticed many individuals—including those investing their life savings—to place their trust in her purported business ventures.
Qian operated a pyramid scheme that was designed to attract investments with promises of high returns. As the scheme began to draw attention from Chinese law enforcement, she managed to evade capture by fleeing to the U.K. using a false identity. Once in London, Qian reportedly adopted an extravagant lifestyle, lodging in a "lavish" house rented for over 17,000 pounds ($23,000) per month and purchasing luxury items such as fine jewelry and watches.
In addition to Qian, her accomplice, Seng Hok Ling, a 47-year-old Malaysian national, was also sentenced at the same court. Ling was accused of assisting Qian in transferring and laundering the proceeds from the fraudulent activities. He received a sentence of four years and 11 months for his involvement, having pleaded guilty to one count of transferring criminal property.
During the investigation, law enforcement officials discovered notes authored by Qian that detailed her aspirations, including a bizarre ambition of becoming the monarch of Liberland, a self-declared territory situated between Croatia and Serbia. Such revelations painted a picture of an individual who, despite her criminal activities, harbored grandiose dreams.
The legal proceedings against Qian and Ling have underscored the growing concern regarding cryptocurrency-related crimes and the vulnerability of individuals to large-scale fraud. As more people turn to digital currencies for investment, the case serves as a cautionary tale about the potential risks and deceptive practices that can exist within the financial landscape.
