Southwark Crown Court in London, England sentenced Zhimin Qian already Seng Hok Ling for his involvement in a massive fraud that included «one of the largest cryptocurrency seizures in the world,» with more than 61,000 bitcoins linked to the cause. The international investigation made it possible to attribute assets and financial movements to the network that organized scams in China.
Qian, 47, received a sentence of 11 years and eight months for a crime of possession and another of transfer of criminal property, while Seng Hok Ling, also 47 years old, was sentenced to four years and 11 months for transfer of criminal assets.
As reported by the Metropolitan Police In a statement, the investigation – which spanned seven years – determined that between 2014 and 2017 Qian organized a large-scale fraud in China that affected more than 128,000 victims.
Zhimin Qian and Seng Hok Ling were convicted for their involvement in a massive fraud that included «one of the largest cryptocurrency seizures in the world.» Photo: Metropolitan Police.Some of the defrauded funds were converted into cash, jewelery and bitcoin, and Qian traveled to the UK under a false identity. Civil proceedings are still ongoing for the recovery of seized assets valued at around £5 billion, more than 6.7 billion dollars Americans.
The key role of the Metropolitan Police and international collaboration
The authorities explained that the case was resolved through coordination between the Metropolitan Policehe Crown Prosecution Service (CPS)the National Crime Agency (NCA) and Chinese authorities. The investigation combined blockchain forensics with financial intelligence measures to track movements and secure fraud-related assets.
«There is no doubt that this is one of the investigations of economic crimes larger and more complex that we have undertaken,» highlighted the head of the Economic and Cyber Crimes Command, Will Lyne.
He explained that organized crime groups use cryptocurrencies to «move, hide and invest the proceeds of serious crimes,» but each crypto transition «leaves a trail.» «Our message is clear: criminal assets are not safe in the UK«he stated.
The investigation – which spanned seven years – determined that between 2014 and 2017 Qian organized a large-scale fraud in China that affected more than 128,000 victims. Photo: Metropolitan Police.The mayor of London, Sadiq Khanvalued the intervention as an important step against fraud in crypto assets and urged victims to report to the Action Fraud line. «Cryptocurrency fraud is worth billions, fuels international money laundering and props up organized criminal gangs,» he said.
For his part, Minister of Security And Jarvis He pointed out that money laundering is dangerous for society and that the sentence should deter those who consider participating in these crimes. «Money laundering is not only illegal; it puts real people at risk and lines the pockets of criminals,» he said.
The CPS indicated that it will continue to pursue the freezing and recovery of assets. «Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters can enjoy the benefits of their criminal conduct,» he said. Neil Colville.
