"Zhimin Qian, 47, defrauded more than 128,000 victims in China through a Ponzi scheme before fleeing to the UK as an international fugitive. She had stored the illegally obtained funds in bitcoin assets and spent years evading UK police by sightseeing across Europe, staying in upmarket hotels and living a life of luxury, Southwark Crown court heard. The Chinese national, also known as Yadi Zhang, was arrested last year after spending nearly six years at large."
"When Qian and Ling were convicted in September, the value of the bitcoin was priced at more than 5.5bn, according to Metropolitan police officers. It is currently priced at around 5bn. It has been described as the UK's largest cryptocurrency seizure. Gillian Jones KC, prosecuting, told the sentencing hearing that Qian had defrauded more than 128,000 victims between 2014 and 2017 through her business, Lantian Gerui. She eventually came to the attention of Chinese authorities, prompting her to flee"
"Qian recruited an accomplice, Jian Wen, to help her set up a new life in London. She started renting a lavish property in Hampstead, having told an estate agent she ran a successful jewellery business. The monthly rent was 17,333, the court heard. Qian travelled extensively throughout Europe in the months and years that followed, staying in expensive hotels and sightseeing."
Zhimin Qian stole funds from more than 128,000 victims in China via a Ponzi scheme and fled to the UK in 2017. She converted illegally obtained proceeds into bitcoin and used the assets to fund an expensive lifestyle across Europe. Qian rented a high‑end Hampstead property, stayed in luxury hotels, and purchased fine jewellery and considered property in Europe. She evaded capture for nearly six years before arrest. Qian admitted money laundering and possessing criminal property and was sentenced to 11 years and eight months. Accomplice Seng Hok Ling received four years and eleven months. The seized bitcoin was valued at around £5bn.
Read at www.theguardian.com
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