‘Goddess of Wealth’ jailed for £5bn in Bitcoin money laundering

Zhimin Qian, also known as Yadi Zhang, who used to refer to herself as the ‘Goddess of Wealth’ has been sentenced to over 11 years in prison for orchestrating a massive £5 billion cryptocurrency fraud, following a nearly five-year manhunt.

International media reported that the 47-year-old was arrested after a dramatic police raid on a rented Airbnb property in a York suburb. The arrest marked the conclusion of one of the UK’s largest-ever money laundering investigations. While the arrest was made last year, the sentencing came on Tuesday, when Qian was sentenced to 11 years and eight months in prison at Southwark Crown Court.

Qian, who fled China after orchestrating a vast investment scam, pleaded guilty to two counts of money laundering. She was apprehended after attempting to remain in hiding while living under the alias “Yadi Zhang,” a name linked to a false St Kitts and Nevis passport.

In a tearful court appearance, Qian was told by Judge Sally-Ann Hales KC that her actions represented a “grandiose” and “unprecedented” scale of criminal activity driven by “pure greed.”

FROM FRAUD TO FUGITIVE: THE PATH OF QIAN’S SCHEME

Qian’s criminal journey began in China, where she was already under investigation for two massive frauds when she masterminded an even larger scheme that defrauded more than 128,000 victims between 2014 and 2017.

The scam, which was linked to a fake investment scheme promising returns through “Britain Nice Life Insurance,” saw her con people out of around £4.6 billion.

She converted some of the stolen funds into Bitcoin, and when authorities in China began to close in, Qian fled the country, eventually entering the UK in 2017. Once in the UK, Qian set up a lavish life under a new identity. She rented a luxury £5 million house in Hampstead, London, and with the help of her accomplice, Jian Wen, began living a life of excess, frequently traveling across Europe and purchasing expensive items.

Investigators first became aware of her activities when the women attempted to buy a £24 million mansion using over £800,000 converted from Bitcoin. In 2018, police raided their home, uncovering £300,000 in cash and evidence that led to the discovery of a staggering 61,279 Bitcoin, which was valued at £1.4 billion at the time, and now worth over £5 billion.

THE MANHUNT AND FINAL CAPTURE

Although Qian was initially believed to have left the country, police uncovered new leads in 2023. Detective Constable Joe Ryan traced activity on a cryptocurrency wallet linked to Qian, which had been dormant since 2019. The wallet’s activity led authorities to Seng Hok Ling, a Malaysian national who had been assisting Qian while she was on the run.

Ling’s involvement in laundering money and helping Qian remain hidden led to his arrest and subsequent conviction. In 2024, he was sentenced to nearly five years in prison for his role in the conspiracy.

Qian was eventually located at a rented property in York. On April 22, 2024, police stormed the house and found Qian hiding in her bedroom, startled but seemingly resigned to her fate. Along with Qian, officers discovered a ledger containing passwords to Bitcoin wallets, hidden inside a concealed pocket in her clothing. This led investigators to another stash of cryptocurrency worth approximately £67 million.

A LIFE OF SECRECY AND FANTASY

During her time in hiding, Qian lived a reclusive lifestyle, employing a rotating team of staff, including cooks, drivers, and security guards, all of whom signed strict confidentiality agreements. These agreements prohibited them from using Chinese devices, taking photos, or recording videos of her activities. Qian’s entourage was told that she was a wealthy recluse, but few knew the true scale of her crimes.

Her personal aspirations were as extravagant as her lifestyle. Qian dreamt of ruling the micro-nation of Liberland, receiving blessings from the Dalai Lama, and even meeting British royalty.

Despite her grandiose ambitions, Qian’s plans came to an abrupt end when police finally caught up with her, securing her place in history as the mastermind behind one of the largest financial frauds in the world.

REPERCUSSIONS FOR VICTIMS AND LEGAL FALLOUT

The criminal scheme’s impact has been devastating for many of its victims, with numerous people in China losing their life savings. Some of these victims were prepared to testify in UK courts, with Chinese authorities cooperating in the investigation. A compensation scheme has been established to aid the defrauded investors, though some lawyers are advocating for the inclusion of Bitcoin’s dramatic increase in value as part of the compensation settlement.

Qian’s lawyer, Roger Sahota, described her as a “Bitcoin pioneer” who had become the “world’s largest female Bitcoin holder” before the fraud was uncovered. He acknowledged that Qian’s investment schemes were fraudulent but expressed regret for the suffering caused to those who trusted her.

While in prison, since her arrest, Qian has continued to engage in creative activities, with reports suggesting she has had poetry published and artwork displayed at exhibitions.

Qian’s conviction, along with the sentencing of her accomplices, marks the end of one of the longest and most complex investigations into financial crime in the history of the Metropolitan Police.