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The mastermind behind the scam that led to UK police seizing more than £5 billion in Bitcoin, the largest cryptocurrency ever, has been jailed.
Zhimin Qian, 47, was sentenced to 11 years and eight months in prison at Southwark Crown Court on Tuesday.
He had previously pleaded guilty to money laundering and possessing and transferring criminal property.
Qian, a Chinese national, defrauded more than 128,000 victims through a Ponzi scheme in China between 2014 and 2017. She then fled to Britain as an international fugitive.
Southwark Crown Court heard he had stored ill-gotten wealth in Bitcoin assets and spent years evading UK police by sightseeing across Europe, staying in expensive hotels and living a life of “luxury”.
Qian, also known as Yadi Zhang, was finally arrested in 2024 after spending nearly six years “at large.”
His accomplice, Seng Hok Ling, 47, was sentenced to four years and 11 months in jail in the same court.
He had previously pleaded guilty to one count of transferring criminal property.
According to Metropolitan Police officers, when Qian and Ling were convicted in September, the bitcoins were worth more than £5.5 billion.
It is understood that the value is constantly changing, and is currently valued at around £5 billion.
Gillian Jones Casey, prosecuting, told the sentencing hearing that Qian had defrauded more than 128,000 victims through his business Lantian Gerui.
Qian eventually came to the attention of Chinese authorities, forcing her to flee the country before reaching the UK in September 2017.
In the UK, Qian recruited a partner, Jian Wen, to help him “establish a new life”.
In September, Qian began renting a “grand” property in Hampstead, London, after “lying” to an estate agent that she ran a successful jewelery business.
The court heard the monthly rent for the property was £17,333.
The sentencing hearing was told that Qian traveled “extensively” throughout Europe in the coming months and years, staying in expensive hotels and taking sightseeing tours.
It was heard that during these trips, “bitcoins were transferred and sold in exchange for cash, fine jewelery was purchased and consideration was given to purchasing property in Europe”.
In one trip, Qian and Wayne spent £119,200 buying two watches at a jewelery shop in Zurich, Switzerland.
In 2018, Qian attempted to buy a £12.5m property in London, and after suspicions were raised over his Bitcoin holdings, UK authorities were notified.
Metropolitan Police officers visited his Hampstead home in October 2018 to execute a search warrant.
Qian provided officers with the fake name of Yadi Zhang, and the court heard that at this stage, police did not know who she was.
Officers found laptops in his possessions containing millions of pounds worth of bitcoins.
No arrests were made at that stage and Kian fled the country after this raid.
The court heard that in a subsequent search officers found documents recording Qian’s “aspirations and intentions”.
The court heard that one of them described her intention to become “Emperor of Liberland”, a “self-proclaimed country” made up of a strip of land between Croatia and Serbia.
The court heard that Kian managed to “evade arrest” for almost six years and was eventually “at large”.
Wayne, meanwhile, was arrested at a Hampstead London address in May 2021 and later charged with money laundering.
Bitcoin transfers were made while his trial was pending, which helped police identify Seng Hok Ling at an address in York.
Police went to the address in April 2024 and discovered Kian.
Officers discovered a number of devices at Kiyan’s address, including a laptop containing a cryptocurrency wallet containing millions of pounds worth of Bitcoin.
He was arrested at the York address in April 2024 and taken to a local police station.
Qian was later charged with money laundering crimes.
The court heard that Ling, a Malaysian national living in Derbyshire, had provided assistance to Kian, including arranging rental properties for him to stay.
Richard Thomas Casey, mitigating for Kian, said his client had “no previous convictions” and had maintained an “exemplary record” while in custody.
Narita Bahra Casey, representing Ling, said her client did not know the “full extent” of Kian’s criminality and described her as a “boss lady”.
She said: “It was a subordinate role for Mr Ling.
“The first defendant [Qian] ‘The boss lady’, was described as ‘the boss’, and all the evidence points to Mr Ling acting on the instructions of the first defendant.”
He said Ling, who had previously been convicted of fraud, had “no enrichment beyond employment payments”.
Wayne was convicted of one count of money laundering following a trial at Southwark Crown Court.
He was later sentenced to six years and eight months’ imprisonment.