Qian Zhemin, a woman accused of purchasing cryptocurrency worth billions with funds reportedly stolen from Chinese pensioners, is set to be sentenced for money laundering. Following her flight from China, she resided in a Hampstead mansion, where the Metropolitan Police conducted a significant crypto seizure a year later.
Over 100,000 individuals invested in her company, which purported to develop health technologies and mine cryptocurrency. However, authorities claim she embezzled the funds instead. Affected investors expressed hopes of recovering at least some of their money from UK authorities, as anything unclaimed could default to the UK government.
Qian, 47, entered the UK with a false passport in September 2017 after Chinese police initiated an investigation against her. She rented a property for over £17,000 monthly and hired an assistant to help convert her Bitcoin into accessible funds, all while projecting an image of wealth.
Her lifestyle included leisure activities such as gaming and shopping, while she allegedly crafted plans for future ventures, including establishing an international bank and purchasing a castle in Sweden. Her ambition extended to aims of becoming the ruler of Liberland, a microstate, by 2022.
The police ultimately raided her property, revealing substantial Bitcoin deposits, marking one of the largest confiscations in UK history. Investment records indicate her company, Lantian Gerui, drew in around 40 billion yuan ($5.6 billion) from misled investors across China. Daily payouts were financed by new investors, a factor leading to the scheme’s extensive reach.
Qian’s arrest occurred after a series of events that halted payouts and led to increasing investor skepticism. Following her apprehension in York, she contested the charges but later pled guilty to cryptocurrency-related offenses.
As legal processes continue, victims seek compensation amidst challenges proving direct financial connections to Qian’s operations. The outcome remains uncertain, specifically regarding potential restitution amounts tied to the cryptocurrency’s value increase.
Source: https://www.bbc.com/news/articles/cvg4w1g9ezko?at_medium=RSS&at_campaign=rss