Malaysian Fixer Admits Money Laundering in UK Cryptocurrency Scam Case

LONDON: Malaysian Hok Seng Ling, 47, admitted to money laundering in connection with a massive cryptocurrency scam at London’s Southwark Crown Court on Tuesday. Speaking through an interpreter, he simply said “guilty,” one day after mastermind Zhimin Qian, also known as Yadi Zhang, admitted to acquiring and possessing criminal property. Qian is believed to have run the multi-billion-pound Bitcoin fraud, defrauding more than 128,000 victims in China between 2014 and 2017.

Money Laundering

Ling, who had been living in Derbyshire, reportedly acted as Qian’s assistant, helping to move funds into cryptocurrency. Authorities are seeking to recover £16.2 million (RM91.73 million) from him. The amount may be adjusted at a two-day sentencing hearing scheduled for Nov 10-11.

Earlier, a third accomplice, Jian Wen, was jailed for six years and eight months for facilitating the movement of 150 Bitcoin, valued at £1.7 million at the time. UK Security Minister Dan Jarvis said the case underscores that Britain will not be a safe haven for criminals or their ill-gotten gains.

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