US EditionChinese 'Cryptoqueen' Gets 11 Years for $6.6B Fraud
- On Tuesday, Zhimin Qian, 47, was sentenced to 11 years and eight months at Southwark Crown Court after admitting money laundering and possessing criminal property.
- Her firm, Lantian Gerui, ran a Ponzi scheme defrauding more than 128,000 victims across China between 2014 and 2017, and Zhimin Qian fled China to the UK in September 2017 using false documents.
- The Metropolitan Police seized more than 61,000 Bitcoins, valued over $6 billion, and found laptops containing �27.3million of Bitcoin wallets, recently .
- Prosecutors have set up a compensation scheme as thousands of Chinese victims press to recover investments that reflect Bitcoin's rise, while Jian Wen and Seng Hok Ling were jailed last year for six years eight months and four years eleven months respectively.
- The Met said the investigation involved unprecedented international cooperation with Chinese law enforcement and described it as one of the largest money‑laundering cases in UK history, noting the Bitcoin holding is currently priced at around £5 billion.
208 Articles
208 Articles
The Court of London sentenced a 47-year-old Chinese citizen, Qian Jimin, to 11 years and eight months' imprisonment on charges of money-laundering and the largest cryptating fraud in Britain's history, writing "Bi-Bi-C".
UK Court Hears of 7-Year Odyssey to Find Mastermind of $5.62 Billion China Fraud
LONDON—A Chinese national who police said bought cryptocurrency now worth billions using funds from Chinese investors has been sentenced by a UK court to 11 years and eight months in prison for money laundering. Southwark Crown Court on Nov. 11 was told of a seven-year hunt to find Qian Zhimin, who set up a company in China called Lantian Gerui (Blue Sky) and, between 2014 and 2017, duped about 128,000 people into investing in her company, which…
UK jails Chinese crypto scammer
A Chinese woman who oversaw a $6.5 billion crypto scam has been jailed for 11 years in the UK. Qian Zhimin bought bitcoin using funds stolen from 120,000 Chinese people, mainly pensioners, before fleeing China for a London mansion in 2017. Cryptocurrency appears to lend itself to scams, with its get-rich-quick ethos and its position outside the regulatory reach of most governments. Last month, the US government charged another Chinese man with r…
Zhimin Qian promised up to 300% of its victims' returns, often poorly informed in financial matters and recruited through word of mouth, social media and public presentations.
Chinese fraudster’s luxury life on the run ends in UK jail
LONDON - As Chinese police closed in on the architect of a massive Ponzi scheme that cost thousands their life savings, a woman in her mid-40s was taken by an accomplice to the Myanmar border on a moped to begin nearly seven years on the run.
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