“Our first seizure of a non-fungible token serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC.” crypto cryptocurrency NFT
The U.K.’s. HM Revenue & Customs has made its first non-fungible token seizure. British authorities also seized some crypto and arrested three people in a fraud case involving 250 allegedly fake companies. “Our first seizure of a non-fungible token serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC.
The U.K.’s tax, payments, and customs authority added that it was HMRC’s first-ever NFT seizure. The seized digital art NFTs have not been appraised. The ongoing value-added tax repayment fraud case involves 250 allegedly fake companies accused of defrauding the public coffers of 1.4 million pounds .
The suspects allegedly attempted to claim back more VAT than what they were owed. HMRC said they used “sophisticated methods” to hide their identities, including using stolen IDs, fake addresses, prepaid unregistered mobile phones, virtual private networks , and phony invoices. They pretended to engage in legitimate business activities.Our first seizure of a non-fungible token serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC.
“We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets,” he opined.
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