The Chinese ‘Goddess of Wealth’ who scammed 128,000 investors in a €5.7 billion Bitcoin fraud

A landmark case in financial crime and the world of Bitcoin has unfolded in London. Chinese national Zimin Qian, also known as Yandi Zhang, has been convicted following a seven-year international money laundering investigation that led to the largest cryptocurrency seizure in history—worth over £5 billion (€5.7 billion). According to Scotland Yard, between 2014 and 2017, she led a massive fraud scheme in China, defrauding more than 128,000 citizens. The illicit funds were converted into Bitcoin and hidden to evade authorities. Metropolitan Police discovered 61,000 Bitcoin worth over £5 billion (€5.7 billion). The 47-year-old fled China using forged documents and settled in the UK, where she attempted to launder stolen funds through property investments. After five years on the run, she was arrested in 2018 following intelligence about suspicious financial transfers. In China, Qian marketed her scheme as an opportunity to transform the country into a global financial and technological hub. Through a front company, she promised daily dividends and guaranteed returns. Victims included business executives, bank employees, and even members of the judiciary. Chinese media dubbed her the ‘Goddess of Wealth,’ while investors—many of them senior professionals, bankers, or judges—invested hundreds of thousands to tens of millions of yuan. Recruitment often happened through word-of-mouth, with friends and family encouraging others to join. The case also involves Jian Wen, a former worker at a Chinese takeaway in London, who helped launder the proceeds. The 44-year-old was sentenced last year to six years and eight months in prison. Within a short time, she moved from a flat above a restaurant to a luxury villa in north London and purchased two properties in Dubai worth over £500,000. Although Qian’s lawyer argued that rising cryptocurrency values could compensate investors, it remains uncertain: reports suggest the UK government may seek to retain the seized assets, according to BBC. For British authorities, the case exemplifies how criminals increasingly use cryptocurrencies to hide or transfer illicit gains. ‘This conviction marks the culmination of a multi-year, complex investigation,’ said Will Lyn, head of Economic Crime and Cybercrime at the Metropolitan Police. Cooperation with Chinese authorities continues as the investigation remains open. Qian remains in custody awaiting sentencing, which will be determined after her accomplices’ trial concludes.