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Chinese fraudster faces UK sentencing in £5.6bn Bitcoin laundering case
A 47-year-old woman accused of orchestrating one of China's largest financial scams-defrauding over 100,000 pensioners of £4.2 billion (40bn yuan) before fleeing to London-will be sentenced this week for money laundering. Qian Zhimin, who lived in a £17,000-per-month Hampstead mansion, was arrested after British police seized what is believed to be the UK's largest-ever cryptocurrency haul: tens of thousands of Bitcoin, now worth billions.
Ponzi scheme disguised as tech investment
Between 2013 and 2017, Qian's company, Lantian Gerui (Bluesky Greet), lured investors with promises of 200% returns from cryptocurrency mining and cutting-edge health products. Instead, prosecutors allege, it operated as a Ponzi scheme, using new deposits to pay fabricated daily dividends-some as small as £10-to existing investors, including retirees like Mr. Yu, whose marriage collapsed under the financial strain.
Investigators found no evidence of legitimate mining or product development. By 2017, over 120,000 victims across China had deposited funds, with promoters hosting lavish banquets in venues like Beijing's Great Hall of the People to sustain the illusion. One investor, Mr. Li, lost £1 million alongside his brother, describing Qian as a "Goddess of Wealth" who promised generational riches.
"They exploited our patriotism. They said they'd make China number one in the world. Even Chairman Mao's son-in-law endorsed them-how could we doubt it?"
Mr. Yu, victim and former investor
Luxury exile and a 'queen of Liberland' fantasy
After Chinese authorities launched probes in mid-2017, Qian fled to the UK under a fake passport, posing as an antiques heiress. She hired a former takeaway worker, Wen Jian-later jailed for money laundering-to liquidate Bitcoin into cash and property. While Bitcoin's value surged, Qian reportedly spent days gaming in bed, drafting plans to:
- Found an international bank
- Purchase a Swedish castle
- Become 'queen' of Liberland, a self-proclaimed microstate on the Croatia-Serbia border, by 2022
Her attempts to buy a £20m Totteridge Common estate triggered police scrutiny when Wen failed to explain the funds' origin. A 2023 raid on her Hampstead home uncovered hard drives loaded with Bitcoin, now worth far more than the original £4.2bn stolen.
Victims' fight for restitution
With Qian's assets frozen, thousands of victims-many elderly and impoverished-hope to reclaim losses through a UK 'proceeds of crime' case starting in 2026. Lawyers warn challenges abound: investors often sent money to local promoters, not Qian directly, complicating proof of ownership. Some, like a Tianjin woman who died of untreated breast cancer, never lived to see justice.
The UK Treasury could inherit unclaimed funds, though the Crown Prosecution Service is exploring a compensation scheme for unrepresented victims. Details remain undisclosed.
"Let us be pillars, holding up the sky / Rather than sheep, to be led and misled."
Excerpt from Mr. Yu's elegy for a deceased victim
Trial revelations and guilty plea
Qian initially denied wrongdoing, claiming she fled a Chinese "crackdown" on crypto entrepreneurs. But in September 2025, she pleaded guilty to illegally acquiring cryptocurrency. Police also uncovered four undocumented workers-hired as shoppers, cleaners, and security-living at her York hideout during her April 2024 arrest.
Detective Constable Joe Ryan of the Met described Qian as "very clever, very manipulative"-a mastermind who exploited trust through poetry, fake endorsements, and staged events. Her diary revealed a backup plan to repay debts only if Bitcoin hit £50,000 per coin, prioritizing her Liberland ambitions instead.
Key figures
- £4.2bn (40bn yuan): Total stolen from 120,000+ victims
- £17,000/month: Rent for Qian's Hampstead mansion
- 6-year sentence: Handed to accomplice Wen Jian (2024)
- 20x increase: Bitcoin's value growth since Qian's 2017 UK arrival
