Chinese Woman Sentenced in UK for Major Bitcoin Fraud Scheme
A major financial fraud case has concluded in the United Kingdom with the sentencing of a Chinese woman to 11 years and 8 months in prison for her role in a fraudulent scheme valued at approximately £6 billion, largely involving Bitcoin.
The case originated in China between 2014 and 2017, when the defendant, Qian Chimin (47), established a fictitious company named "Lanting Jierui." Over three years, she managed to raise around 40 billion yuan (about £4.3 billion) from more than 128,000 investors, many of whom lost their life savings, homes, and even their marriages, according to IB Times.
After the scheme collapsed, Chimin fled through Myanmar, Thailand, Laos, and Malaysia before arriving in the UK with a passport issued by Saint Kitts and Nevis.
In London, she attempted to purchase a luxury property north of the capital, which raised suspicions among police. Following a years-long manhunt, she was arrested in April 2024 in York, aided by the traceability of Bitcoin transactions.
* A Digital Fortune in Central 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 surged to over £6 billion. Investigations revealed she had spent millions on luxury jewelry and forged passports in an effort to launder money through real estate and high-end goods.
The British judge described Chimin as "the mastermind of the crime," noting that her sentence is among the longest in UK financial fraud history.
However, the case is not yet closed, as UK authorities are seeking ways to compensate the victims and manage the billions in Bitcoin that have been seized, highlighting the significant risks associated with cryptocurrencies and how modern technological advancements can be exploited for criminal purposes, despite leaving an indelible digital footprint.
