LONDON: A Chinese businesswoman who laundered billions through cryptocurrency investments embezzled from thousands of Chinese pensioners has been sentenced in the UK to 11 years and 8 months in prison, following what police described as one of the largest single crypto seizures globally.
Qian Zhimin, 47, fled China in 2017 after authorities launched an investigation into her company, Lantian Gerui (also known as Bluesky Greet), which falsely claimed to invest in Bitcoin mining and health technology ventures. Using a fake passport, she settled in a luxury Hampstead mansion in north London, paying rent of over £17,000 ($22,700) per month, until police raided the property a year later and discovered hard drives and laptops containing tens of thousands of Bitcoin.
According to the BBC, Zhimin posed as an antiques and diamond heiress in the UK and employed a personal assistant to help convert her cryptocurrency into cash and real estate. Her company operated like a pyramid scheme, using money from new investors to pay earlier ones. More than 120,000 investors across China were reportedly drawn in by promises of high returns, with total deposits exceeding 40 billion yuan ($5.6 billion), according to the UK’s Crown Prosecution Service (CPS).
Victims, many of them elderly, said the scheme preyed on patriotism and trust. “Our patriotism was our Achilles’ heel,” said one investor, Mr Yu, who lost his savings after borrowing money to invest further.
Zhimin was arrested in York earlier this year and initially claimed she had fled China due to a government crackdown on crypto entrepreneurs. However, during her September trial, she pleaded guilty to illegally acquiring and possessing cryptocurrency.
Police said Zhimin spent much of her time gaming and shopping, while plotting extravagant ventures, including purchasing a Swedish castle and launching an international bank.
The seized Bitcoin — now worth over twenty times its original value — remains in custody of UK authorities. Thousands of Chinese investors are pursuing compensation through a civil case, though legal experts warn that proving individual losses could be complex.
If left unclaimed, the recovered funds may ultimately default to the UK government, officials said.
