Zhimin Qian and Malaysian Seng Hok Ling to be sentenced in UK’s largest crypto seizure case worth RM25 billion
LONDON: A Chinese businesswoman whose extravagant lifestyle earned her the moniker “goddess of wealth” is facing significant prison time following Britain’s most substantial cryptocurrency confiscation—Bitcoin valued at more than US$6 billion (RM25 billion).
Zhimin Qian, 47, who operated under the pseudonym Yadi Zhang, orchestrated a fraudulent operation in China between 2014 and 2017 that victimized over 128,000 individuals. The illicit proceeds were subsequently converted into Bitcoin holdings.
As the mastermind behind the scam, Qian escaped China in 2018 using fraudulent documentation before arriving in the United Kingdom, where she attempted to legitimize her criminal earnings, authorities confirmed.
The Chinese national is facing a maximum sentence of 14 years behind bars.
Having entered a guilty plea to charges of acquiring and possessing criminal property on September 29, Qian will learn her fate following a two-day sentencing hearing commencing today at Southwark Crown Court in London.
Malaysian national Seng Hok Ling, also 47, previously admitted to money laundering charges at the same court and awaits sentencing alongside Qian.
A third conspirator, Jian Wen, received a six-year-eight-month prison term last year after investigators discovered Bitcoin wallets in her possession exceeding US$2 billion in value.
The Scheme
Authorities believe Qian operated a classic Ponzi scheme—a fraudulent investment structure that compensates earlier investors using capital from newer participants rather than legitimate profits.
After transforming substantial amounts of victims’ funds into Bitcoin, Qian pursued money laundering activities in Britain, including acquiring real estate such as a £23 million (US$30 million) mansion in London.
Massive Financial Devastation
Law enforcement surveillance of co-defendant Ling culminated in her April 2024 arrest. Officers confiscated £11 million in cash, gold, and digital currencies during the operation.
Prior to the arrest, London’s Metropolitan Police executed what they consider the largest cryptocurrency seizure on record: over 61,000 Bitcoins, currently valued at more than US$6 billion.
William Glover, a solicitor with Fieldfisher law firm, described the matter to AFP as “possibly the largest legal case of its kind in terms of value involving an individual and not a corporate.”
He noted that several of his clients experienced devastating financial losses that severely impacted their personal lives, relationships, and families.
Jackson Ng from Duan & Duan, representing additional investors, explained that Qian organised promotional events while falsely claiming governmental backing.
The scheme particularly targeted unsophisticated investors who were unlikely to conduct thorough due diligence, he stated.
Among the victims: a Chinese couple in their 40s, both office workers, who lost hundreds of thousands of dollars—savings earmarked for retirement and their daughter’s future—after attending a 2016 promotional presentation.
The investment returns ceased in 2017. The financial catastrophe has resulted in their daughter severing all communication with them, according to Ng.
Bitcoin’s Meteoric Rise
Driven by increasing market enthusiasm, Bitcoin has skyrocketed from approximately US$3,600 at the close of 2018 to currently trading near the US$100,000 threshold.
Compensation Proceedings
British authorities are still finalizing details of a victim compensation program, with civil proceedings ongoing in London’s High Court.
Sources familiar with the case indicate that approximately 1,300 purported victims have registered claims. — AFP
