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U.K. Plan Offers Glimmer of Hope for Chinese Victims of Multibillion-Dollar Scam

Published: Oct. 17, 2025 8:10 p.m. GMT+8

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(London) — The U.K. government has proposed establishing a compensation scheme for Chinese victims of a multibillion-dollar fundraising scam, after mastermind Qian Zhimin pleaded guilty to owning ill-gotten cryptocurrency in London.

A barrister representing the Crown Prosecution Service announced the plan during a High Court hearing on Wednesday. But they did not provide details of how such a scheme could work.

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The UK plans a compensation scheme for over 100,000 Chinese victims of Qian Zhimin's $6.9 billion cryptocurrency fundraising scam, after she pleaded guilty to possession of ill-gotten assets.
Qian raised 43.5 billion yuan via her company in China between 2014–2017 and was arrested in London in 2024; UK prosecutors seized significant cryptocurrency assets.
Scheme aims for quicker victim compensation, but concerns remain about its scope and possible diversion of funds to UK public finances.

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Who’s Who

Tianjin Lantian Gerui Electronic Technology Co. Ltd.: Tianjin Lantian Gerui Electronic Technology Co. Ltd. was a company based in China, used by Qian Zhimin (also known as Zhang Yadi) between 2014 and 2017 to illegally sell financial products. These products were marketed as being linked to cryptocurrencies, and the company raised approximately 43.5 billion yuan from over 100,000 victims in China through this fraudulent scheme.

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What Happened When

Between 2014 and 2017：: Qian Zhimin, using the alias Zhang Yadi and operating through Tianjin Lantian Gerui Electronic Technology Co. Ltd., illegally sold financial products linked to cryptocurrencies, raising 43.5 billion yuan from over 100,000 victims in China.

September 2017：: Qian Zhimin arrived in London after leaving China.

Late 2017：: Police in Tianjin launched an investigation into Gerui Electronic on suspicion of illegal fundraising after Chinese regulators showed interest in cryptocurrency scams.

2019：: The Tianjin police investigation led to the detention of 50 people connected to the illegal fundraising case.

2024：: Qian Zhimin was arrested by British police in London. During her arrest, a digital device containing additional cryptocurrency was found concealed in her sweatpants.

September 2025：: On the eve of her trial, Qian disclosed to prosecutors and police the access code to the seized digital device and passwords to two cryptocurrency wallets.

October 1, 2025：: Qian Zhimin pleaded guilty on her first day in court to possessing and transferring ill-gotten cryptocurrency.

October 15, 2025：: The U.K. government proposed a compensation scheme for Chinese victims of the scam during a High Court hearing; prosecutors also revealed the earlier discovery of additional cryptocurrency hidden by Qian at the time of her 2024 arrest.

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