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HMRC seizes $1.8M in NFT for tax evasion

The seizure is the first involving NFTs in the UK, HMRC said.

The British tax authority, HM Revenue and Customs (HMRC), announced the seizure of three non-fungible tokens (NFTs) related to tax evasion fraud.

According to HMRC, the case is related to VAT fraud and this is the first time that British law enforcement agencies have arrested people and seized NFTs.

Police have reportedly arrested three people after investigations showed a tax evasion ring involving 1.4 million pounds sterling (about $1.8 million) in value added tax. The suspects, the report added, used false identities and committed the fraud via 250 fake companies.

The seizure is “a warning to anyone who thinks they can use crypto assets to hide money from HMRC,” said Nick Sharp, deputy director of economic crime.

The news comes as authorities step up their battle against the potential use of crypto assets in illegal activities, with recent investigations resulting in the seizure of millions of pounds of crypto allegedly linked to tax evasion and money laundering.

Sharp added :

« We are constantly adapting to new technologies to ensure that we keep pace with the way criminals and escapees seek to conceal their assets . »

The tax agency also seized 5,000 pounds of other digital assets.

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