The UK’s Crown Prosecution Service has secured a multi-million-pound confiscation order against a Malaysian national described as a “professional money launderer” for his role in handling cryptocurrency linked to the notorious Zhimin Qian fraud. Key facts - Defendant: Sen (reported in some sources as Seng) Hok Ling, a Malaysian national described by the CPS as a “professional money launderer.” - Confiscation order: over £5 million (about $7.6 million). Must be paid within three months or Ling faces an additional eight years in prison. - Crypto transfers: Ling received 83.7 BTC from Qian between February and April 2024 and cashed it out via UAE bank accounts and intermediaries. - Sentences: Ling was jailed for 4 years and 11 months in November 2025 after a guilty plea to a money-laundering offence. Qian (also known as Yadi Zhang) was sentenced to 11 years and 8 months after pleading guilty to two money-laundering offences. - Seizure: Police recovered around 61,000 BTC in searches of Qian’s Hampstead mansion—currently valued at roughly $5.4 billion—the largest crypto seizure in UK history. - Victims: Investors in Qian’s Lantian Gerui Ponzi scheme (2014–2017) are estimated to have lost about $600 million; they paid in fiat, not crypto. Civil proceedings are ongoing to decide how the seized Bitcoin will be distributed. Case background Between 2014 and 2017 Zhimin Qian ran Lantian Gerui, a Ponzi operation that targeted largely elderly Chinese investors through lavish banquets and roadshows, fraudulently siphoning life savings and pensions from an estimated 128,000 people. When payouts collapsed in 2017, Qian converted some proceeds into Bitcoin and left China. In the UK she posed as Yadi Zhang and sought to cash out crypto and buy high-end London properties. Blocked by know-your-customer rules, she instead rented a £21,000-a-month mansion in Hampstead Heath. Her diary—seized during the investigation—recounts ambitions to mingle with European aristocracy, buy a Swedish castle, acquire a British bank and even style herself “Queen of Liberland.” Her UK activities ended with an arrest in York in April 2024. Prosecution and penalties The CPS, working with the Metropolitan Police, has now targeted one of Qian’s money handlers. Adrian Foster, Chief Crown Prosecutor of the CPS Proceeds of Crime Division, said Ling participated in “a sophisticated money laundering operation which laundered many millions of pounds from the proceeds of crime.” The confiscation order compels repayment within three months, or Ling will face a further eight-year prison term. Why the Bitcoin seizure matters The 61,000 BTC seizure is unprecedented in the UK and raises complex questions about restitution and asset management. Investors in Lantian Gerui were defrauded in fiat currency, not crypto, so the value of the seized Bitcoin far exceeds the direct losses of victims. UK authorities must now decide how to reconcile victim compensation with broader legal and fiscal rules—some proceeds may be routed to the UK Treasury under current law. Legal tools and policy implications Nick Harris, CEO of crypto asset recovery firm CryptoCare, told Decrypt that the UK’s Proceeds of Crime Act 2002 allows authorities to seize funds tied to overseas fraud, and such assets are often retained by the state. Harris has suggested one policy response: creating a strategic crypto reserve that could strengthen the UK’s position in the global crypto economy while channeling separate mechanisms for victim compensation. What’s next Civil litigation continues to determine how the 61,000 BTC will be allocated. Victims are expected to seek reimbursement, but any surplus could ultimately end up with the Treasury. The case highlights the legal, practical and ethical questions that large-scale crypto seizures pose for courts, regulators and policymakers as they balance victim restitution with asset recovery and public interest. Read more AI-generated news on: undefined/news

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