A Chinese woman known as the “goddess of wealth” has been sentenced to 11 years and eight months in prison for her role in a multibillion-dollar bitcoin scam that defrauded investors in China. Qian Zhimin, aged 47, was found guilty of orchestrating a Ponzi scheme which promised returns of up to 300 per cent, ultimately deceiving around 128,000 individuals between 2014 and 2017.
Major Cryptocurrency Seizure
During her evasion of authorities, British police made a historic seizure of 61,000 bitcoin, valued at over £5 billion (approximately US$6.6 billion), which they declared the largest single cryptocurrency seizure globally. After years on the run, Qian was arrested in April 2024 in York, UK.
Judge’s Remarks
Appearing emotional at London’s Southwark Crown Court, Qian listened as Judge Sally-Ann Hales condemned her actions, stating, “Your motive was one of pure greed.” Qian pled guilty in September to charges of possessing and transferring criminal property.
Reflections and Regrets
- According to her lawyer, Roger Sahota, Qian “never set out to commit fraud” but acknowledged that her investment schemes misled her investors.
- She expressed deep remorse for the distress suffered by her victims.
Accomplices Involved
In a related ruling, Qian’s Malaysian accomplice, Ling Seng Hok, also 47, was sentenced to four years and 11 months after pleading guilty to transferring criminal property. Another co-defendant, Jian Wen, was sentenced to six years and eight months in jail last year.
Investigation and Victim Compensation
The seven-year investigation was described as one of the “largest and most complex” undertaken by the Metropolitan Police, indicating extensive collaboration, including international law enforcement. Further discussions are underway regarding a compensation scheme for more than 1,300 alleged victims at London’s High Court.
As investigations continue, a Chinese foreign ministry spokesperson noted ongoing cooperation between Chinese and British law enforcement agencies for cross-border fugitive recovery.