A Chinese woman who orchestrated one of the largest Ponzi schemes in her country and laundered billions of dollars through cryptocurrency was sentenced in the United Kingdom to more than 11 years in prison.
Qian Zhimin, 47, admitted to laundering proceeds from a multibillion-dollar investment fraud that deceived nearly 130,000 investors in China between 2014 and 2017. British police seized over 61,000 bitcoin — now valued at more than $6 billion — in one of the largest cryptocurrency confiscations in history.
Qian pleaded guilty to two counts of money laundering in September and was sentenced Tuesday at Southwark Crown Court to 11 years and eight months in prison. Judge Sally-Ann Hales described Qian as “the architect of this offending from its inception to its conclusion,” adding that her “motive was one of pure greed.”
According to prosecutors, Qian and her associates used funds from the fraudulent investment operation — run through her company, Lantian Gerui — to purchase luxury items, including more than $13 million worth of jewelry. The scheme lured investors with false promises of high returns, ultimately defrauding them of about 40 billion renminbi ($5.6 billion).
Chinese authorities have already convicted more than 80 people connected to the fraud. However, Qian fled China in 2017, escaping arrest after police raided a company event. She traveled through Southeast Asia — including Myanmar, Thailand, Laos, and Malaysia — before arriving in London using a St. Kitts and Nevis passport.
Once in Britain, prosecutors said, Qian attempted to convert bitcoin bought with fraudulent funds into cash, working alongside accomplices including Wen Jian and Ling Seng Hok. Both were later convicted of money laundering offenses. Wen was sentenced last year, and Ling received nearly five years in prison on Tuesday.
The investigation began in 2018 when British police discovered Qian and Wen living together in London. Officers seized electronic devices containing tens of thousands of bitcoin but could not access them until 2021. By that time, the cryptocurrency’s value had soared to £1.5 billion ($2 billion).
Prosecutors said Qian’s network continued to move bitcoin during ongoing trials, helping investigators trace her to an address in York, northern England, where she was finally arrested in April 2024.
Qian’s defense lawyers argued that she never intended to defraud anyone and that the massive rise in bitcoin’s value now far exceeds what is required to compensate victims. But prosecutors countered that her actions caused devastating losses — including homes, life savings, and marriages — for thousands of victims across China.
While Qian’s criminal case has concluded, legal battles remain over the fate of the seized bitcoin and how victims will be repaid. British authorities are considering establishing a compensation fund to return recovered assets to investors.
