Malaysian fixer admits role in $28m Bitcoin scam in UK
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Malaysian Ling Hok Seng pleaded guilty to money laundering, after helping to move cash into cryptocurrency.
PHOTO: METROPOLITAN POLICE
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- Ling Hok Seng admitted money laundering in London, involving £16.2 million from a large Bitcoin scam.
- Qian Zhimin pleaded guilty to acquiring criminal property, defrauding 128,000 victims in a £5.5 billion scheme.
- Ling assisted Qian after Wen Jian's arrest; authorities aim to recover funds, with sentencing set for November.
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LONDON - British authorities are trying to recover £16.2 million (S$28 million) from a Malaysian fixer at the centre of a massive Bitcoin scam, a court was told on Sept 30.
Ling Hok Seng, 47, admitted money laundering at London’s Southwark Crown Court.
Speaking through an interpreter, he just said the word “guilty”.
His plea came a day after mastermind Qian Zhimin, a Chinese businesswoman also known as Yadi Zhang, admitted a leading role in the multibillion-pound fraudulent Bitcoin scheme.
Ling, who had been living in Derbyshire in central England, had dealt in cryptocurrency on behalf of Qian, with confiscation proceedings now under way to try to recover millions of pounds, the court heard.
The amount could be adjusted when the pair is sentenced at a two-day hearing set for Nov 10 and 11.
Qian, also 47, on Sept 29 pleaded guilty to acquiring and possessing criminal property, namely cryptocurrency, following what is believed to be the single largest cryptocurrency seizure in the world, now worth about £5.5 billion.
Police said that between 2014 and 2017, she defrauded over 128,000 victims through a scheme in China.
She went on to store the illegally obtained funds in Bitcoin assets before fleeing to the UK and attempting to launder the proceeds by purchasing property.
Mastermind Qian Zhimin defrauded over 128,000 victims through a scheme in China, before fleeing to the UK with the proceeds of her crime in Bitcoin.
PHOTO: METROPOLITAN POLICE
In 2024, as part of the same seven-year investigation, a third person, accomplice Wen Jian, was jailed for six years and eight months for her role in the criminal operation.
“Money laundering erodes trust, undermines our economy, and fuels the rise of serious organised crime,” Security Minister Dan Jarvis said. “This outcome sends a clear signal: The UK will never be a safe haven for criminals and their ill-gotten gains.”
The prosecutor on Sept 30 said Ling took over Wen’s role after her arrest.
Met investigators say they proved Wen had been involved in facilitating the movement of a cryptocurrency wallet, which contained 150 bitcoin. At the time, this was valued at £1.7 million.
Ling is believed to have become Qian’s assistant, helping to move money into cryptocurrency.
Ling and Qian will remain in custody until their sentencing. AFP
