Summary: Zhimin Qian, dubbed the “Cryptoqueen,” has been sentenced in the UK to more than 11 years in prison for orchestrating a Ponzi scheme that defrauded 128,000 people in China between 2014 and 2017. Her Malaysian accomplice, Seng Hok Ling, was jailed for nearly five years for his role in laundering cryptocurrency linked to the fraud.
💰 The Scheme
Between 2014 and 2017, Zhimin Qian lured tens of thousands of investors in China into a fraudulent pyramid scheme, promising lucrative returns from fake business ventures. Victims invested their life savings and pensions, only to see the funds siphoned into cryptocurrency wallets controlled by Qian.
British prosecutors revealed that Qian amassed more than £5 billion ($6.6 billion) in Bitcoin, making it one of the largest cryptocurrency frauds ever uncovered.
🚨 Arrest and Trial
Qian fled China as authorities began investigating, living under false identities across Europe. She was arrested in April 2024 in the UK, after years of evading capture while maintaining an extravagant lifestyle in luxury hotels and purchasing fine jewellery.
At Southwark Crown Court in London, Qian pleaded guilty to money laundering and possession of criminal property. She was sentenced to over 11 years in prison, with police seizing 61,000 Bitcoin in what is described as the largest cryptocurrency seizure in UK history Mathrubhumi English The Manila Times Devdiscourse India Today.
👥 The Accomplice
Her Malaysian associate, Seng Hok Ling, 47, was convicted of transferring criminal property linked to the scheme. He was sentenced to four years and 11 months in prison, underscoring the international reach of the fraud ABC.
🌍 Global Impact
The case highlights the risks of unregulated cryptocurrency schemes, which can devastate communities and exploit vulnerable investors. It also underscores the growing cooperation between international law enforcement agencies in tackling cross‑border financial crime.
In summary: Zhimin Qian’s conviction marks a landmark in global financial crime enforcement. Her Ponzi scheme defrauded 128,000 people, generating billions in illicit Bitcoin holdings. With her accomplice Seng Hok Ling also jailed, the case stands as a warning against fraudulent investment schemes and the dangers of unchecked cryptocurrency markets.
Sources: Mathrubhumi English The Manila Times Devdiscourse India Today ABC
