A Malaysian national who admitted guilt in Britain for handling illicit gains from a massive fraud scheme had purchased upscale properties in Dubai, according to leaked real estate records.
Hok Seng Ling, residing in the UK, entered a guilty plea on September 30 for assisting Chinese citizen Qian Zhimin in transferring proceeds from a fraudulent investment operation that defrauded 128,000 individuals in China. Qian, who also pleaded guilty to a central role in the scheme, had converted the stolen funds into Bitcoin.
London’s Metropolitan Police stated that Qian had fled China to the UK, where she “attempted to launder the proceeds via purchasing property.” While authorities didn’t specify details about the real estate, police spokesperson Hannah Kilminster confirmed to OCCRP that they “are aware of the properties” listed in the leaked Dubai data.
The seven-year probe resulted in the confiscation of Bitcoin assets currently valued at approximately £5.5 billion ($7.3 billion), which law enforcement described as a global record.
Records indicate Ling acquired two units at a luxury complex in the Gulf city-state in November 2021 and September 2022, totaling roughly $725,000. He offloaded the second property just five days after purchase, netting a profit of $63,000.
Andrew Goldman, a representative for the UK’s Crown Prosecution Service, pointed to public statements vowing to pursue criminal assets but declined to address specifics. The law firm 33 Chancery Lane, which represented Ling, also refused comment regarding his Dubai holdings, citing the ongoing case.
Police revealed they had been monitoring Ling, based in Derbyshire, central England, which led them to Qian. Both were apprehended in April 2024, with authorities seizing encrypted devices, cash, gold, and additional cryptocurrency.
Sentencing for the pair is slated for November.