UK seeks £16.2m from Malaysian fixer in world’s largest bitcoin laundering case
UK authorities seek to reclaim £16.2 million (US$21.7 million) from a Malaysian facilitator at the heart of a vast bitcoin fraud, the court heard on Tuesday.
Hok Seng Ling, 47, pleaded guilty to money laundering at Southwark Crown Court in London. Speaking through an interpreter, he said only the word “guilty”.
His plea came a day after ringleader Zhimin Qian, a Chinese businesswoman also known as Yadi Zhang, admitted a leading role in the multibillion-pound bitcoin fraud.
Ling, who had been living in Derbyshire in central England, traded cryptocurrency on Qian’s behalf, and confiscation proceedings are now underway to recover millions of pounds, the court was told.
That figure may be revised when the pair are sentenced at a two-day hearing scheduled for Nov 10 and 11.
Qian, also 47, pleaded guilty on Monday to acquiring and possessing criminal property—specifically cryptocurrency—after what is believed to be the world’s largest single cryptocurrency seizure, now valued at about £5.5 billion.
Police said she defrauded more than 128,000 victims through a scheme in China between 2014 and 2017.
She then stored the illicit proceeds in Bitcoin assets before fleeing to the UK and attempting to launder the money by purchasing property.
Last year, as part of the same seven-year investigation, an accomplice, Jian Wen, 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,” said Security Minister Dan Jarvis.
“This outcome sends a clear signal: the UK will never be a safe haven for criminals or their ill-gotten gains.”
The prosecutor said Tuesday that Ling assumed Wen’s role after her arrest.
Met investigators say they proved Wen helped move a cryptocurrency wallet that held 150 Bitcoin. At the time, this was valued at £1.7 million.
Ling is believed to have become Qian’s assistant, helping to channel money into cryptocurrency.
Ling and Qian will remain in custody until sentencing.
Editor-in-Chief
Read more similar news:
Comments:
comments powered by Disqus
