A Chinese language lady who was discovered with 5 billion kilos ($6.6 billion) in Bitcoin after defrauding greater than 128,000 folks in China in a Ponzi scheme was sentenced by a U.Ok. court docket on Tuesday to over 11 years in jail.
Police mentioned the investigation into Zhimin Qian, 47, led to officers recovering gadgets holding 61,000 Bitcoin within the largest cryptocurrency seizure within the U.Ok.
Qian, dubbed “cryptoqueen” by British media, was arrested in April 2024 after spending years evading the authorities and dwelling an “extravagant” life-style in Europe, staying in luxurious motels throughout the continent and shopping for tremendous jewellery and watches, prosecutors mentioned.
Police mentioned she ran a pyramid scheme that lured greater than 128,000 folks to spend money on her enterprise between 2014 and 2017, together with many who invested their life financial savings and pensions. Authorities mentioned she saved the illegally obtained funds in Bitcoin belongings.
When she attracted the eye of Chinese language authorities, Qian fled to the U.Ok. underneath a faux identification. As soon as in London, police mentioned she rented a “lavish” home for over 17,000 kilos ($23,000) per 30 days, and tried however failed to purchase multimillion pound properties in a bid to transform the Bitcoin.
Investigators discovered notes Qian had written documenting her aspirations — together with her “intention to become the monarch of Liberland, a self-proclaimed country consisting of a strip of land between Croatia and Serbia.”
They mentioned different notes confirmed Qian detailing her hopes of “meeting a duke and royalty.”
Choose Sally-Ann Hales mentioned Qian was the architect of the crimes from begin to end.
“Your motive was one of pure greed. You left China without a thought for the people whose investments you had stolen and enjoyed for a period of time a lavish lifestyle. You lied and schemed, all the while seeking to benefit yourself,” Hales mentioned.
The businesswoman, who had pleaded responsible to cash laundering offenses and transferring and possessing felony property, was sentenced Tuesday to 11 years and eight months at Southwark Crown Court docket.
She was sentenced alongside her confederate Seng Hok Ling, 47, a Malaysian nationwide who was accused of serving to Qian switch and launder the cryptocurrency. Ling was jailed on the identical court docket for 4 years and 11 months after he pleaded responsible to at least one depend of transferring felony property.
