A Chinese woman once celebrated as the "Goddess of Wealth" has been sentenced to more than 11 years in prison by a United Kingdom court for orchestrating a massive Bitcoin fraud that deceived over 100,000 investors worldwide.
Zhimin Qian, aged 47, received an 11-year and eight-month prison sentence for running an elaborate Ponzi scheme that specifically targeted Chinese investors between 2014 and 2017. Her fraudulent operation promised investors unbelievable returns of up to 300 percent on their investments.
The Massive Scale of the Fraud
The scheme managed to raise billions of dollars from approximately 128,000 victims, with much of this money being converted into Bitcoin. British law enforcement authorities later made history by seizing 61,000 bitcoins valued at over £5 billion ($6.6 billion), marking the largest single cryptocurrency seizure ever recorded globally according to the Metropolitan Police.
After successfully evading capture for several years, Qian was finally arrested in the northern English city of York in 2024. The arrest came after extensive international investigation and surveillance operations.
Court Proceedings and Sentencing
Judge Sally-Ann Hales, who delivered the sentence at London's Southwark Crown Court, characterized Qian's crimes as "highly sophisticated and requiring careful planning." The judge didn't mince words when she stated, "Your motive was one of pure greed."
In September, Qian had pleaded guilty to charges of possessing and transferring criminal property. Her defense lawyer, Roger Sahota, commented after sentencing that his client "accepts" her conviction and recognizes that her investment schemes were fraudulent and misled those who trusted her.
Sahota added that Qian expressed deep remorse, stating "She is deeply sorry for the distress suffered by investors and hopes some good endures from the wealth her work created."
International Cooperation and Aftermath
The case involved significant international cooperation between British and Chinese authorities. Qian, who also operated under the alias Yadi Zhang, had fled China in 2017 as scrutiny from Chinese authorities intensified.
During her time in the UK, she maintained an extravagant lifestyle that included:
- Renting a luxury London property costing £17,000 monthly
- Staying in high-end hotels across Europe
- Purchasing expensive jewellery, including two watches worth nearly £120,000
The investigation lasted seven years and was described by Will Lyne, head of the Metropolitan Police's economic and cybercrime command, as "one of the largest and most complex" the force had ever undertaken.
In ongoing civil proceedings at London's High Court, more than 1,300 victims have come forward, and British authorities are currently developing a compensation scheme to help recover some of the lost funds.
A Chinese foreign ministry spokesperson confirmed that Chinese and British authorities continue to cooperate on "cross-border fugitive and asset recovery" related to this landmark case.
