A man described as the “butler” to the architect of a £5bn fraud has admitted laundering money linked to Britain’s biggest-ever cryptocurrency seizure.
Seng Hok Ling, 47, pleaded guilty at Southwark Crown Court to entering into a money laundering arrangement with Yadi Zhang, also known as Zhimin Qian. Zhang, 47, is accused of orchestrating a vast investment scam in China between 2014 and 2017 that defrauded around 130,000 investors.
Fugitive Mastermind and £5bn Bitcoin Haul
Zhang entered the UK in 2017 on a false passport and was arrested in York last year after years on the run. Police uncovered 61,000 Bitcoin stored in digital wallets linked to her rented £5m property near Hampstead Heath, north London.
The cryptocurrency, worth £1.4bn at the time of its discovery in 2021, is now valued at over £5.5bn. Its future is the subject of a fierce legal battle between the UK government and defrauded Chinese investors.
Chancellor Rachel Reeves has reportedly earmarked the seized assets to help ease pressures on public finances.
Luxury Lifestyle and Accomplices
Zhang pleaded guilty earlier this week to possessing and transferring criminal property. Another associate, Jian Wen, 43, was jailed for more than six years in 2023 after being found guilty of laundering 150 Bitcoin, now worth around £12.5m.
Wen, a former takeaway worker, was described at her trial as a “front person” who helped disguise the origins of the money. She and Zhang travelled widely, spending lavishly on designer goods, jewellery and luxury travel.
Ling, a Malaysian national living in Derbyshire, is said to have replaced Wen as Zhang’s “butler”, arranging helpers, booking Airbnbs, and assisting her while she remained a fugitive. Police surveillance of Ling ultimately led to Zhang’s capture. Officers also seized encrypted devices, gold, cash, and cryptocurrency.
Sentencing and Asset Seizures
Ling, represented by Narita Bahra KC, has been remanded in custody. He will be sentenced alongside Zhang at a two-day hearing in November. Prosecutors are also seeking to confiscate more than £16m in cryptocurrency from him.
The Metropolitan Police described the investigation as “one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally”.
Government Response
Security Minister Dan Jarvis welcomed the convictions. “This outcome sends a clear signal: the UK will never be a safe haven for criminals and their ill-gotten gains,” he said.
“My thanks go to the Metropolitan Police and CPS for their vital work in securing this conviction.”
