"A Chinese fraudster involved in a Bitcoin scam exceeding 5.5 billion managed to evade British authorities for years while staying in luxury hotels and sightseeing across Europe, a court has been told. Zhimin Qian, 47, also known as Yadi Zhang, orchestrated a sophisticated Ponzi scheme that defrauded more than 128,000 victims across China between 2014 and 2017. The vast sums of illegally obtained funds were subsequently converted and stored in Bitcoin assets."
"Once on British soil, she reportedly recruited accomplices to assist her in establishing a "new life". During the months and years that followed her arrival, Qian embarked on extensive travels, frequenting upmarket hotels across Europe. Her lavish lifestyle included significant purchases, such as expensive jewellery, with one instance seeing her acquire two watches for a sum approaching 120,000, according to a sentencing hearing at Southwark Crown Court on Monday."
"After pleading guilty to money laundering offences, Qian and her accomplice Seng Hok Ling, 47, are to be sentenced on Tuesday for the roles they played in the multibillion-pound fraudulent Bitcoin scheme. The value of the Bitcoin was priced at more than 5.5 billion when Qian and Ling were convicted of the money laundering offences in September. Gillian Jones KC, prosecuting, told the sentencing hearing that Qian set up fraudulent business, Lantian Gerui, which translates to Blue Sky in English, in March 2014."
Zhimin Qian ran a Ponzi scheme under the business name Lantian Gerui (Blue Sky) from March 2014 to 2017, attracting over 128,000 investors who lost substantial sums. Illicit proceeds were converted into Bitcoin and stored as crypto assets. Qian fled to the UK in 2017 as a fugitive and reportedly recruited accomplices to establish a new life, travelling extensively and spending on luxury hotels and jewellery. British authorities identified her in 2018 and arrested her after nearly six years at large, resulting in what has been described as the UK's largest cryptocurrency seizure. Qian pleaded guilty to money laundering and awaits sentencing.
Read at www.independent.co.uk
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