A woman once hailed as the “goddess of wealth” is now facing over eleven years in a UK prison. Zhimin Qian, 47, orchestrated a massive Ponzi scheme that bilked approximately 128,000 people in China out of billions of dollars between 2014 and 2017.
The scheme centered around bitcoin, with funds rapidly converted into the cryptocurrency. Qian vanished from China in 2017 as authorities began to investigate, eventually finding refuge in the United Kingdom and evading capture for six years.
British police finally apprehended Qian in York, England, in 2024. A subsequent investigation revealed a staggering seizure of 61,000 bitcoin, currently valued at over £5 billion – a record-breaking amount in cryptocurrency-related crime.
Qian pleaded guilty to acquiring and possessing criminal property in September and was sentenced at Southwark Crown Court in London. Her accomplice, Seng Hok Ling, 47, received a sentence of four years and eleven months for transferring criminal property.
Law enforcement officials described the case as one of the largest money-laundering operations in UK history. The sheer scale of the seized assets also marks the largest confirmed cryptocurrency seizure in Europe.
During her time on the run, Qian lived a life of luxury, traveling throughout Europe and indulging in expensive tastes. She frequented upscale hotels and amassed a collection of jewelry, including two watches totaling nearly £120,000.
With the assistance of another accomplice, Qian rented a lavish London property for a staggering £17,000 per month, masking her activities behind a purported jewelry business. Initial suspicions arose in 2018 when she attempted to purchase a property in London, raising questions about the source of her wealth.
A raid on the London residence uncovered laptops containing a significant bitcoin fortune, but the full extent of the fraud wasn’t immediately apparent. It was through surveillance of her associate, Seng Hok Ling, that authorities were ultimately able to secure Qian’s arrest in April 2024.
Another accomplice, Jian Wen, was previously sentenced to six years and eight months for her involvement in the scheme. The defense argued Qian hadn’t intended to create a fraudulent scheme, believing substantial profits could be generated through bitcoin investments.
The value of bitcoin has dramatically increased since the scheme’s operation, rising from around $3,600 in 2018 to approximately $100,000 today. This surge in value adds further weight to the magnitude of the financial damage inflicted upon the victims.
Efforts are now underway to establish a compensation scheme for the victims, with over 1,300 alleged victims already coming forward. Details are being finalized in civil proceedings at London’s High Court.
Chinese authorities have acknowledged cooperation with British law enforcement on this cross-border case, focusing on fugitive recovery and asset repatriation. The pursuit of justice in this complex case continues, aiming to provide some measure of relief to those defrauded by the “goddess of wealth.”
