A Malaysian national, Sen Hok Ling, has been ordered by the UK’s Crown Prosecution Service (CPS) to repay more than $7.6 million (£5 million) for his role in handling money linked to Chinese Bitcoin
If he fails to pay within three months, he could face up to eight additional years in prison.
According to the CPS, Ling received 83.7 BTC from Qian between February and April 2024. He later withdrew or converted the funds through bank accounts in the United Arab Emirates and other intermediaries.
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The agency said the transactions were part of an organized effort to disguise the source of criminal funds and turn them into usable cash.
Adrian Foster, Chief Crown Prosecutor for the CPS Proceeds of Crime Division, explained that the operation had moved large amounts of money from illegal activity.
Adrian Foster, Chief Crown Prosecutor of Crown Prosecution Service Proceeds of Crime Division, said in a statement, “Ling took part in a sophisticated money laundering operation which laundered many millions of pounds from the proceeds of crime”.
He added that the confiscation order requires Ling to pay the full amount within the specified period or face additional prison time.
Foster said, “We have today secured a Confiscation Order against him of over £5 million, which he must pay within 3 months or risk being returned to prison for an additional sentence of eight years”.
William Panzera from New Jersey received 12 years in prison for using Bitcoin to purchase fentanyl and other drugs from China. How did the case unfold? Read the full story.
