London
AP
—
A Chinese lady who was discovered with 5 billion kilos ($6.6 billion) in Bitcoin after defrauding greater than 128,000 individuals in China in a Ponzi scheme was sentenced by a UK 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 in the biggest cryptocurrency seizure in the UK.
Qian, dubbed “cryptoqueen” by British media, was arrested in April 2024 after spending years evading the authorities and dwelling an “extravagant” way of life in Europe, staying in luxurious accommodations throughout the continent and shopping for effective jewellery and watches, prosecutors mentioned.
Police mentioned she ran a pyramid scheme that lured greater than 128,000 individuals to speculate in 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 authorities, Qian fled to the UK below a pretend id. As soon as in London, police mentioned she rented a “lavish” home for over 17,000 kilos ($23,000) per thirty 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 turn into the monarch of Liberland, a self-proclaimed nation consisting of a strip of land between Croatia and Serbia.”
They mentioned different notes confirmed Qian detailing her hopes of “assembly a duke and royalty.”
Choose Sally-Ann Hales mentioned Qian was the architect of the crimes from begin to end.
“Your motive was one in all pure greed. You left China with out a thought for the individuals whose investments you had stolen and loved for a time frame a lavish way of life. You lied and schemed, all of the whereas in search of to profit your self,” Hales mentioned.
The businesswoman, who had pleaded responsible to cash laundering offenses and transferring and possessing prison property, was sentenced Tuesday to 11 years and eight months at Southwark Crown Courtroom.
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 1 depend of transferring prison property.
