The Rise and Fall of China's 'Goddess of Wealth'
A Chinese national known as the 'goddess of wealth' for her extravagant lifestyle now faces up to 14 years in British prison after authorities made history's largest cryptocurrency seizure. Zhimin Qian, who also used the alias Yadi Zhang, masterminded a massive Ponzi scheme that defrauded over 128,000 victims in China between 2014 and 2017.
From Luxury to Handcuffs: The UK Money Laundering Operation
The 47-year-old businesswoman fled China in 2018 using falsified documents and relocated to the United Kingdom, where she attempted to clean her illegal proceeds. According to police and prosecutors, Qian converted her victims' money into Bitcoin and began laundering it through high-value property purchases, including a luxurious £23-million mansion in London.
Her criminal enterprise began to unravel when police surveillance of her Malaysian accomplice, Seng Hok Ling, led to Qian's arrest in April 2024. During the operation, authorities confiscated cash, gold, and various cryptocurrencies totaling £11 million.
Record-Breaking Bitcoin Seizure and Global Impact
Before arresting Qian, London police executed what they believe to be the largest cryptocurrency seizure in global history: more than 61,000 Bitcoins valued at over $6 billion at current market rates. William Glover of Fieldfisher law firm described the case as potentially the largest legal proceeding of its kind involving an individual rather than a corporation.
The human cost of Qian's scheme has been devastating. Jackson Ng of Duan & Duan, representing some investors, revealed how the defendant organized public events while falsely claiming government support. Many victims were ordinary people with limited investment experience.
One tragic case involved a Chinese couple in their 40s, office workers who lost hundreds of thousands of dollars they had saved for retirement and their daughter's future after attending a presentation in 2016. Their promised investment returns stopped in 2017, and their daughter has since cut off all contact with them.
Qian pleaded guilty to acquiring and possessing criminal property on September 29 and will be sentenced following a two-day hearing at London's Southwark Crown Court. Her accomplice, Seng Hok Ling, has also admitted to money laundering and awaits sentencing.
Another associate, Jian Wen, received a six-year, eight-month prison sentence last year after being discovered with Bitcoin wallets containing over $2 billion.
British authorities are currently working through compensation details for victims in London's High Court civil proceedings, with approximately 1,300 alleged victims having come forward so far.
