Her Majesty’s Revenue and Customs (HMRC) in the UK has seized three NFT tokens in connection with suspected tax evasion fraud.
The tax watchdog claimed that It was the UK’s first law enforcement agency to seize the NFT. The NFT’s arrest coincides with the arrest of three suspects in a tax evasion case using a variety of sophisticated methods, BBC News. report
The suspects arrested in the case reportedly used fake credentials and created 250 fake “shell” companies to evade 1.4 million pounds ($1.8 million) in value-added taxes.
HMRC has received a court order to seize £5,000 ($6,765) of digital assets along with three NFTs from suspects, with HMRC deputy director Nick Sharp saying the seizure of NFTs and digital assets in the latest tax fraud case. It’s a warning for those who want to hide their money from the tax authorities.
“We are always adapting to new technologies to ensure we stay up to date with how criminals and burglars try to cover up their assets.”
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