Born in 1978, Qian Zhimin, who only has a college degree, may have harbored a longing for a luxurious life since childhood. After defrauding investors of their life savings, she converted her illegal gains into cryptocurrency and fled to Europe under a false identity for many years. It wasn't until 2024 that the police, following leads, found her residence in York, a city in northern England, and her double life completely unraveled.

This week, a British court sentenced the 47-year-old Chinese woman to 11 years and 8 months in prison for money laundering, bringing an end to her story of luxury and deception.

Qian Zhimin's wealth empire began in China. In 2014, she co-founded Blue Sky Ge Rui Company with several accomplices, launching a Ponzi scheme under the guise of high returns. Investors were promised annual returns as high as 300%, an opportunity that seemed too good to pass up for countless people.

At that time, Qian Zhimin used the alias "Hua Hua" to cloak herself in mystery and cleverly hinted at having special connections with the government in her promotions. In 2016, the "smart bracelet" project of Blue Sky Ge Rui Company was established in the Baodi District of Tianjin, with the then-district party secretary and several district leaders even attending the signing ceremony. Such official endorsement undoubtedly added authority to her company.

From 2014 to 2017, approximately 128,000 investors were caught up in the scheme, with funds coming from their life savings, pensions, and even some families exhausting all their resources.

Like other Ponzi schemes, in the early stages, Qian Zhimin would return a portion of the funds to investors to create the illusion of "stable profits." However, behind the scenes, she and her accomplices embezzled most of the funds for luxury purchases and other expenses.

To further conceal the flow of funds, Qian Zhimin opened an account in 2014 under her accomplice's name on the cryptocurrency exchange Huobi, converting investor funds into Bitcoin. At the same time, she also bought large amounts of Bitcoin through over-the-counter trading to evade regulation.

In 2017, Blue Sky Ge Rui, which promised high returns, began to struggle to pay interest to some investors. As the number of complaints increased, local regulatory authorities and police in China had to launch a formal investigation into the company. After the scheme was exposed, Qian Zhimin first fled to Southeast Asian countries such as Myanmar, Thailand, and Malaysia. Ultimately, she landed in a wealthy community in northern London using a St. Kitts and Nevis passport under the alias Zhang Yadi, with a fixed monthly rent exceeding $20,000. In her daily life, she once spent £120,000 in one go to purchase two luxury watches, frequently visited Harrods, and stayed in several five-star hotels.

During this time, Qian Zhimin was also very cautious about her travel and investment locations. For example, she traveled to Dubai, successfully purchasing two properties and laundering money through rentals and short-term resales. Meanwhile, her accomplices also visited St. Kitts and Nevis to explore local investment opportunities. Qian Zhimin even attempted to purchase luxury homes worth tens of millions of pounds in the UK but was repeatedly blocked by anti-money laundering checks.

Throughout her time on the run, Qian Zhimin lived a double life: on one hand, she presented herself to the public as a wealthy heir to antiques and diamonds; on the other hand, she constantly monitored the flow of funds and adjusted her identity information to ensure she would not be captured.

However, the truth could not be hidden forever. In 2018, when Qian Zhimin attempted to purchase a luxury home but could not explain the source of her funds, she attracted the attention of the British police's anti-money laundering unit. When the police raided her residence that year, they seized Qian Zhimin's laptop and other digital devices, freezing over 60,000 Bitcoins at the time. However, the police did not realize the value of these Bitcoins and did not immediately arrest Qian Zhimin.

Afterward, Qian Zhimin hid for nearly six years before being captured by the police in York, northern England, last year.

The years of manipulating investor funds and squandering vast wealth could no longer be concealed in the face of the law. During the subsequent trial, the British court confirmed her actions of laundering money through Bitcoin, evading capture for many years, and intentionally avoiding arrest, sentencing her this week to 11 years and 8 months for money laundering.

Will Lyne, head of the Economic and Cyber Crime Command of the Metropolitan Police in London, stated: "There is no doubt that this is one of the largest and most complex economic crime cases we have investigated to date. Organized crime groups are using cryptocurrency to transfer, hide, and invest the proceeds of serious crimes—but every cryptocurrency transaction leaves a trace. Our message is clear—criminal assets are never safe in the UK."

With the case concluded, the next focus of public attention may be on how the 61,000 Bitcoins involved will be handled and whether the Chinese victims will be able to recover their losses. After all, since her arrival in the UK, the value of this ill-gotten wealth has increased more than 20 times.

It is reported that the final destination of this wealth will be determined by a civil "proceeds of crime" case, which is expected to officially start early next year.

Law firms representing the victims have stated that thousands of Chinese investors plan to file claims in this case. However, some lawyers point out that this is not an easy task, as investors first need to prove their rights, and many did not transfer funds directly to Qian Zhimin's company but rather through local sales representatives' accounts.

It remains unclear whether, if the victims are successful, they will only be able to recover the original investment amount or if they will receive additional compensation based on the subsequent increase in Bitcoin's value.

Like other "proceeds of crime" cases, any remaining funds after the compensation process is completed will typically belong to the UK government. Media inquiries to the UK Treasury regarding the use of the remaining funds have gone unanswered.

Additionally, the Crown Prosecution Service (CPS) in the UK revealed that last month they were considering establishing a compensation mechanism for investors who failed to obtain representation in the civil case. The media also inquired about what evidence would be required for this mechanism, but the CPS stated that they could not share details at this time.

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Original article: “UK Bitcoin (BTC) Money Laundering Ringleader Qian Zhimin Sentenced to 11 Years and 8 Months, Fate of Illicit Funds Still Pending”

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