UK Seizes First NFTs in $2 Million Fraud Crackdown — Arrests 3 People

The U.K.’s. HM Revenue & Customs (HMRC) has made its archetypal non-fungible token (NFT) seizure. British authorities besides seized immoderate crypto and arrested 3 radical successful a fraud lawsuit involving 250 allegedly fake companies. “Our archetypal seizure of a non-fungible token serves arsenic a informing to anyone who thinks they tin usage crypto assets to fell wealth from HMRC.”

NFTs and Crypto Assets Seized by UK Tax Authority

Britain’s HM Revenue & Customs (HMRC) said Monday that it has seized 3 non-fungible tokens (NFTs) and cryptocurrency worthy astir 5,000 pounds successful an ongoing fraud investigation. Three radical person besides been arrested.

The U.K.’s tax, payments, and customs authorization added that it was HMRC’s first-ever NFT seizure. The seized integer creation NFTs person not been appraised.

The ongoing value-added taxation (VAT) repayment fraud lawsuit involves 250 allegedly fake companies accused of defrauding the nationalist coffers of 1.4 cardinal pounds ($1.9 million).

The suspects allegedly attempted to assertion backmost much VAT than what they were owed. HMRC said they utilized “sophisticated methods” to fell their identities, including utilizing stolen IDs, fake addresses, prepaid unregistered mobile phones, virtual backstage networks (VPNs), and phony invoices. They pretended to prosecute successful morganatic concern activities.

Nick Sharp, lawman manager of Economic Crime successful the Fraud Investigation Service of HMRC, commented:

Our archetypal seizure of a non-fungible token serves arsenic a informing to anyone who thinks they tin usage crypto assets to fell wealth from HMRC.

“We perpetually accommodate to caller exertion to guarantee we support gait with however criminals and evaders look to conceal their assets,” helium opined.

What bash you deliberation astir the U.K. seizing NFTs? Let america cognize successful the comments conception below.

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