Chinese woman jailed for cryptocurrency fraud in Britain

A Chinese citizen in Britain, Qian Jimin, also known as Yadi Zhang, was sentenced to 11 years and 8 months in prison for deceiving nearly 130,000 people and organizing a financial pyramid scheme. This was reported by Zamin.uz.

According to Sky News, the 47-year-old woman fled China in 2017 using a fake passport.

She established a cryptocurrency-based “investment scheme,” attracting people with promises of high returns and quick wealth. As a result, she collected 40 billion yuan, equivalent to more than 5.6 billion dollars, and called herself the “Goddess of Wealth.”

During the investigation, police found 61,279 bitcoins, 300,000 pounds in cash, and other financial documents at her residence. The total value of these bitcoins now exceeds 6 billion dollars, making it the largest cryptocurrency seizure in British history.

It was revealed that Qian and her associates presented themselves as entrepreneurs dealing in expensive jewelry. They purchased luxury homes in prestigious areas of London, expensive cars, and clothing worth thousands of pounds.

Qian was arrested in April 2023 at an Airbnb property in the city of York. During the trial, she admitted her guilt and stated that she only wanted to restore investors’ trust.

However, Judge Sally-Ann Hales described her as the person who planned and managed the crime from start to finish. Other individuals involved in the fraud were also sentenced: Jian Wen received 6 years and 8 months, and Seng Hok Ling was sentenced to 4 years and 11 months.

Prosecutors revealed that part of the money obtained from the fraud was spent on purchasing expensive jewelry and luxury homes. Most of the victims lost all their savings, including their homes.

Currently, no decision has been made regarding the fate of the seized bitcoins and compensation for the victims.