Chinese Woman Nicknamed “Goddess of Wealth” Sentenced to 11 Years in London After £600 Million Fraud Converted to Bitcoin

Chinese Bitcoin Fugitive Sentenced After Evading Police Across Europe

Zhimin Qian, a Chinese national nicknamed the "goddess of wealth", was sentenced to 11 years and eight months in a London court after orchestrating a massive bitcoin fraud that defrauded around 128,000 people in China between 2014 and 2017.

Her schemes promised investors returns of up to 300 per cent, raising billions of dollars, much of which was converted into bitcoin.

How Did The Fraud Work And Where Did The Bitcoin Go

Prosecutors said Qian ran a complex Ponzi scheme, funneling approximately £20 million into bitcoin.

After fleeing China in 2017 following scrutiny from authorities, she settled in the UK and attempted to convert her crypto assets into luxury properties.

With the help of accomplices, including Jian Wen, who had a previous money laundering conviction, and Malaysian national Seng Hok Ling, Qian tried to bypass strict KYC and anti-money laundering rules to access her wealth.

Evading Capture For Years Across Europe

Qian spent around six years evading authorities, moving across Europe and living in luxury hotels while maintaining an upscale lifestyle.

Court reports detailed her extravagant spending, including renting a London property for £17,000 per month and purchasing jewellery, including two watches worth nearly £120,000.

She was finally located in New York and arrested in April 2024 alongside Ling, who later received a prison sentence of four years and eleven months for transferring criminal property.

Largest Bitcoin Seizure In UK History

British law enforcement seized approximately 61,000 bitcoins, worth more than £5 billion (US$6.6 billion), marking the largest single cryptocurrency seizure in the UK.

Judge Sally-Ann Hales described Qian’s crimes as “highly sophisticated and required careful planning” and noted that her “motive was one of pure greed.”

Reflections From Legal Authorities

Following the sentencing, Attorney General Lord Richard Hermer KC said,

“Together, Zhimin Qian and Seng Hok Ling caused suffering to thousands of victims to finance their luxurious lifestyles.”

Metropolitan Police head of economic and cybercrime command Will Lyne described the seven-year investigation as one of the "largest and most complex" the force had undertaken, involving collaboration with multiple international agencies, including Chinese law enforcement.

Victim Compensation And Ongoing Proceedings

More than 1,300 alleged victims have come forward in civil proceedings in London’s High Court, where authorities are still finalising a compensation scheme.

Qian’s lawyer, Roger Sahota, said she “never set out to commit fraud but recognises her investment schemes were fraudulent and misled those who trusted her,” adding that she is “deeply sorry for the distress suffered by investors and hopes some good endures from the wealth her work created.”

How The Accomplices Were Penalised

Qian’s Malaysian accomplice, Ling Seng Hok, was jailed for almost five years.

Wen Jian, Qian’s UK-based co-conspirator, received a sentence of six years and eight months last year for his role in the scheme.

Cross-Border Cooperation Between China And UK

A Chinese foreign ministry spokesperson confirmed that Chinese and British authorities are cooperating on cross-border fugitive and asset recovery efforts, highlighting the international dimension of the case and the complexities of policing crypto-related crimes.