US Edition£5bn fraud mastermind's 'butler' pleads guilty to money laundering after UK's biggest ever Bitcoin seizure
More than 61,000 Bitcoin worth £5.5 billion were seized in a money laundering case tied to a £5 billion Chinese investment fraud, UK police said.
- On Monday, Seng Hok Ling, 47, pleaded guilty at Southwark Crown Court to entering a money laundering arrangement on or before 23 April 2024 and admitted carrying out Bitcoin trades for Yadi Zhang.
- Yadi Zhang, also known as Zhimin Qian, allegedly ran a £5m investment scam affecting 130,000 investors and was arrested in York last year after police found more than 61,000 Bitcoin in her Hampstead Heath rented house.
- Replacing Jian Wen, Ling allegedly helped disguise funds and booked Airbnbs in Scotland for Zhang, while prosecutors say front persons like Jian Wen used laptops to buy cryptocurrency and smuggle it out of China.
- The Metropolitan Police called this one of the largest money laundering cases in UK history, and 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 UK Treasury reportedly plans to allocate the seized assets to help plug public finances.
- The seized Bitcoin, now worth more than £5.5bn, is contested in the High Court as Ling remains remanded and is due to be sentenced alongside Zhang at a two-day hearing in November.
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16 Articles
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UK Convicts Chinese Mastermind in Nation's Largest Bitcoin Seizure Case
LONDON, UK – A Chinese national has been successfully convicted in the United Kingdom for orchestrating an elaborate cryptocurrency fraud scheme that swindled over 128,000 victims out of more than 61,000 Bitcoins. This landmark case, which involved a meticulous global investigation, culminates in one of the largest money laundering prosecutions in UK history and underscores international efforts to combat digital asset crime.Key Takeaways: A Chi…
£5.5 billion. The equivalent of more than €6 billion. This is the colossal loot that British justice has sealed, after one of the longest financial traques of the [...] Read the full article on Unidivers.fr
In London, a Chinese woman was found guilty of a gigantic crypto fraud. According to the Metropolitan Police, around 61,000 bitcoin worth around 6 billion euros could also be confiscated during the investigation. (Continue reading)
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