Chinese Woman Sentenced in UK for Major Bitcoin Fraud Scheme

A significant financial fraud case has concluded in the United Kingdom, with a British court sentencing Chinese national Qian Chimin to 11 years and 8 months in prison for her involvement in a fraudulent scheme that amassed approximately £6 billion, converted into Bitcoin.

The scheme originated in China between 2014 and 2017, when Chimin (47) established a fictitious company named "Lanting Jirui." Over three years, she raised around 40 billion yuan (approximately £4.3 billion) from more than 128,000 investors, many of whom lost their life savings, homes, and even marriages, according to IB Times.

Following the collapse of the scheme, Chimin fled through Myanmar, Thailand, Laos, and Malaysia, ultimately arriving in the UK using a passport issued by Saint Kitts and Nevis.

In London, she attempted to purchase a luxury property north of the city, which raised suspicions among law enforcement. After a years-long pursuit, she was arrested in April 2024 in York, aided by tracking Bitcoin transfers.

* Digital Treasure in Central London

During a raid on her residence, authorities discovered devices containing approximately 61,000 Bitcoin, valued at £1.5 billion at the time, which has since surged to over £6 billion. Investigations revealed that she spent millions on luxury jewelry and forged passports, attempting to launder money through high-end properties and goods.

A British judge described Chimin as "the mastermind of the crime," noting that her sentence is among the longest for financial fraud in UK history.

However, the case is not yet closed, as UK authorities are exploring ways to compensate victims and manage the billions in Bitcoin that have been confiscated, highlighting the substantial risks associated with cryptocurrencies and how modern technological advancements can be exploited for criminal activities, despite leaving an indelible digital footprint.