Chinese Woman Sentenced in UK for Major Bitcoin Fraud Scheme
A British court has sentenced a Chinese woman to 11 years and 8 months in prison for her participation in one of the largest financial fraud cases in recent history, involving a fraudulent scheme worth approximately £6 billion, primarily converted into Bitcoin.
The case dates back to 2014-2017, when Qian Qimin, 47, founded a fraudulent company named "Lanting Jirui" in China. Over three years, she amassed around 40 billion yuan (about £4.3 billion) from more than 128,000 investors, many of whom suffered significant financial losses, including their savings and homes, as reported by IB Times.
Following the scheme's collapse, Qimin fled through several Southeast Asian countries, eventually reaching the UK with a passport from Saint Kitts and Nevis.
Upon her arrival in London, she attempted to buy a luxury property, which raised suspicions among law enforcement. After a lengthy investigation, she was apprehended in York in April 2024, aided by tracking Bitcoin transactions.
* Bitcoin Discovery in London
During a search of her residence, authorities discovered devices containing approximately 61,000 Bitcoins, valued at £1.5 billion at the time, which have since appreciated to over £6 billion. Investigations revealed that she had spent millions on luxury items and forged passports, attempting to launder money through high-end real estate and goods.
The presiding judge characterized Qimin as "the chief architect of the crime," noting that her sentence is among the longest ever imposed for financial fraud in the UK.
British authorities are now exploring ways to compensate the victims and manage the seized Bitcoin assets, underscoring the risks associated with digital currencies and the potential for technology to facilitate criminal activities, despite the digital traces they leave behind.
