A Chinese individual implicated in a Bitcoin fraud exceeding £5.5 billion managed to avoid detection by British authorities for years by traveling around Europe and staying in luxurious hotels, a court revealed.
Zhimin Qian, aged 47, orchestrated a Ponzi scheme that scammed over 128,000 victims in China between 2014 and 2017, accumulating the illicit proceeds in Bitcoin assets. Qian, also known as Yadi Zhang, fled to the UK in 2017 to escape Chinese authorities, where she enlisted the help of accomplices to establish a new life.
During a sentencing hearing at Southwark Crown Court, it was disclosed on Monday that Qian embarked on extensive travel across Europe, staying in upscale hotels and splurging on expensive jewelry, including buying two watches for almost £120,000 on one occasion.
In 2018, British authorities took notice of the businesswoman, leading to her arrest in April of the following year after being on the run for nearly six years in what is described as the largest cryptocurrency seizure in the UK.
Following a confession to money laundering charges, Qian and her accomplice Seng Hok Ling, also 47, are set to be sentenced on Tuesday for their involvement in the multibillion-pound Bitcoin scam.
During the sentencing hearing, prosecutor Gillian Jones KC revealed that Qian established the fraudulent enterprise Lantian Gerui, translating to Blue Sky, in March 2014, attracting investments from over 128,000 individuals, many of whom suffered significant financial losses.
Qian’s illicit activities came to the attention of Chinese authorities, prompting her escape to the UK in September 2017. She enlisted the help of an accomplice, Jian Wen, to help her start afresh.
Wen was generously compensated for her services, leading to a sudden transformation in her life and prospects. Qian began renting an extravagant property in Hampstead, London, under the guise of running a successful jewelry business, paying a monthly rent of £17,333 as disclosed in court.
In a trip to Thailand in October 2017, Wen was tasked by Qian to retrieve a laptop containing Bitcoin. Ms. Jones KC mentioned, “Over the subsequent months and years in the UK, Ms. Qian extensively traveled across Europe with Ms. Wen, staying in luxury hotels and engaging in sightseeing activities.”
“During these trips, Bitcoin transactions occurred, leading to cash exchanges, purchase of fine jewelry, and consideration of property acquisitions in Europe,” the court was told.
Qian strategically avoided countries with extradition agreements with China, primarily traveling by car to bypass customs checks. It was disclosed that during one trip, she and Wen spent £119,200 on two watches at a jewelry store in Zurich, Switzerland.
In 2018, Qian attempted to purchase a £12.5 million property in London, triggering suspicions about her Bitcoin transactions