So it begins: UK Govt seizes NFTs in fraud investigation
Published on Feb 22, 2022 at 11:19 AM (UTC+4)
by Robert Percy
Last updated on Apr 26, 2022 at 2:39 PM (UTC+4)
Edited by
Kate Bain
The UK Government has seized three NFTs as part of a fraud investigation.
Her Majesty’s Revenue & Customs seized the non-fungible tokens as part of an investigation into the alleged attempt to defraud HMRC of £1.4 million ( $1.91 million) in revenue.
Another £5000 of other cryptocurrency was also seized, BBC news reports.
Three people were arrested for alleged fraud involving 250 fake companies.
READ MORE: Bitcoin pioneers who accidentally lost nearly $1 billion between them
HMRC allege the three accused used sophisticated methods to try to hide their identities, including using false addresses, pre-paid and unregistered mobile phones and VPNs.
HMRC Deputy Director of Economic Crime Nick Sharpe said the arrests served “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 said.
It is the first recorded seizure of NFTs in a tax investigation.
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I'm a freelance writer and journalist originally from London, but currently living in Swansea in South Wales. I've had a huge passion for cars, music and aviation since I was very young. More recently, I've also developed a passion for motorsports, pro wrestling, investing and real estate.
