On Tuesday, November 11th, in the largest money laundering case in British history, the mastermind behind the illegal fundraising case in Tianjin ten years ago, Qian Zhimin (also known as Zhang Yadi), was sentenced to 11 years and 8 months in prison in the UK for money laundering. This case involved the largest single seizure of cryptocurrency globally. Qian Zhimin used funds stolen from thousands of Chinese retirees to purchase cryptocurrency worth billions of pounds.
During the sentencing at the Southwark Crown Court on Tuesday, Judge Sally-Ann Hales told Qian Zhimin that she was “the planner of this crime from start to finish… your motive was purely greed”.
Qian Zhimin was the fugitive mastermind of the 2017 illegal fundraising case of Tianjin Lantian Gear Electronic Technology Co., Ltd., involving over 43 billion yuan. Nearly 130,000 victims, mostly aged between 50 to 75, had invested “from hundreds of thousands to tens of millions” of yuan in investment projects promoted by Qian Zhimin. The victims were from all 31 provinces, municipalities, and autonomous regions in China.
After fleeing China in 2017, Qian Zhimin moved to a luxury mansion in Hampstead, north London. A year later, the London police raided the mansion and seized the largest single amount of cryptocurrency globally.
Known as the “Goddess of Wealth” in China, Qian Zhimin’s company claimed to be developing high-tech healthcare products and conducting cryptocurrency mining. However, the police stated that she had embezzled these massive funds.
A victim named Yu, told the British Broadcasting Corporation (BBC) that his marriage fell apart due to the scam. Initially investing 60,000 yuan each, he and his wife were promised 200% profits within two and a half years. To make additional investments, they quickly borrowed tens of thousands with an interest rate as high as 8%.
They received dividends daily, but immediately reinvested them without hesitation. “The company didn’t require us to reinvest the profits, but we were easily tempted,” Yu said. “They constantly exaggerated the investment returns… until we lost all self-control and critical thinking.”
Reportedly, some victims—including businessmen, bank employees, and judicial personnel—were persuaded by friends and family to participate in Qian Zhimin’s investment scheme without much knowledge of her identity or background.
In 2017, Qian Zhimin fled China using forged documents, entered the UK under a false identity, and attempted to launder the illicit funds by purchasing real estate.
In 2018, the London police raided Qian Zhimin’s residence after receiving reports of suspected money laundering. Qian Zhimin, who was inside the room and unable to act effectively, took the opportunity to escape and left the UK. The police confiscated a large amount of Bitcoin on the spot, the largest single cryptocurrency seizure globally.
In a statement at the time, the London police announced the recovery of 61,000 Bitcoins, valued at over £5 billion (USD 6.7 billion) at current prices.
Isabella Grotto, the head of the London police investigative team, stated that Qian Zhimin had been “evading legal sanctions” for five years.
After arriving in the UK, Qian Zhimin enlisted the help of a Chinese restaurant woman named Wen Jian to whitewash the scam proceeds. They bought luxury homes and moved into a “rental worth millions of pounds.” These actions attracted police attention.
After a search of their residence by the London police, Wen Jian was found with over £3 billion worth of Bitcoin. She was sentenced to six years and eight months in prison in 2024 for participating in criminal activities.
During the trial, Wen Jian revealed that Qian Zhimin spent most of her time in bed playing games and shopping online.
According to Qian Zhimin’s diary, she was planning a daring six-year program to prepare for future plans. Her notes outlined establishing an international bank, purchasing a castle in Sweden, and even plans to court a British duke.
Her grander goal was to become the Queen of Liberland by 2022. Liberland is a microstate located on the border of Croatia and Serbia, not recognized by the international community.
After Wen Jian’s arrest and sentencing, Qian Zhimin, who had escaped under police noses, found a new “frontman”—Malaysian Chinese Lin Chengfu, to exchange Bitcoin for her.
Lin Chengfu not only assisted in managing funds but also arranged accommodations for Qian Zhimin’s escape. He specifically brought in four undocumented foreign workers from Malaysia to help with shopping, security, cooking, and cleaning for Qian Zhimin.
The prosecution stated, “These individuals were purposely brought to the UK to work for her, foreign citizens without permission to work in the UK, making it less likely they would report to the authorities.”
These workers were also urged to sign “confidentiality agreements,” prohibiting them from taking photos, holding any Chinese electronic devices or apps, using Wi-Fi, and receiving instructions on how to handle outings (such as shopping): “Carry all identity documents when going out for shopping. If inspected, immediately inform in the family group chat. Under no circumstances disclose any information about the ‘family,’ particularly identity and location.”