In a shocking financial crime, Chinese businesswoman Zhimin Qian, also known by the alias Yadi Zhang, is facing a long prison sentence in the UK after orchestrating a massive $6 billion Bitcoin scam that defrauded more than 128,000 victims. Dubbed the “Goddess of Wealth” for her opulent lifestyle, Qian used her wealth and influence to run a sophisticated Ponzi scheme in China between 2014 and 2017.
Goddess of Wealth or Mother of scam
Qian’s company, Lantian Gerui, offered investment products promising astronomical returns of up to 300%, targeting ordinary investors who were not financially seasoned. Through elaborate presentations, including high-profile events at Beijing’s Diaoyutai State Guesthouse, she convinced victims that her business was backed by government support. Instead, Qian funneled investors’ money into Bitcoin, accumulating billions in cryptocurrency.
A life of fake stories
After fleeing China in 2018 with false documents, Qian arrived in the UK and attempted to launder her illicit gains, purchasing high-value properties including a $30-million mansion in Hampstead, London. She was eventually arrested by Scotland Yard in April 2024, following police surveillance of her accomplice Seng Hok Ling and the seizure of cash, gold, and cryptocurrency worth 11 million euros.
During the investigation, London authorities conducted what is believed to be the largest-ever cryptocurrency seizure in history, confiscating over 61,000 Bitcoins, valued at more than $6 billion at current market rates. Qian pleaded guilty to acquiring and possessing criminal property on September 29 and is now awaiting sentencing at Southwark Crown Court, where she faces up to 14 years in prison.
Qian’s accomplices have also faced legal consequences. Seng Hok Ling, 47, admitted to money laundering, while Jian Wen, 43, was jailed for six years and eight months after authorities found Bitcoin wallets worth over $2 billion.
A massive impact on investors
The financial and personal impact on victims has been devastating. Many ordinary investors lost life savings, affecting marriages, families, and futures. One Chinese couple reportedly lost hundreds of thousands of dollars intended for their retirement and their daughter’s education, a loss that has deeply strained family relationships.
With Bitcoin’s price rising from around $3,600 in 2018 to approximately $100,000 today, the scale of the financial damage is enormous. UK authorities are now working on a compensation scheme in London’s High Court to ensure some of the defrauded funds are returned to victims.
Reality of cryptocurrency scams
This case reveals the risks of cryptocurrency investment scams, highlighting the need for stricter oversight and investor caution. The Zhimin Qian Bitcoin case will remain one of the most significant financial crime cases in history, both for the amount defrauded and the scale of the seizure.
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Sofia Babu Chacko is a journalist with over five years of experience covering Indian politics, crime, human rights, gender issues, and stories about marginalized communities. She believes that every voice matters, and journalism has a vital role to play in amplifying those voices. Sofia is committed to creating impact and shedding light on stories that truly matter. Beyond her work in the newsroom, she is also a music enthusiast who enjoys singing.
