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HMRC, the tax authority of the United Kingdom in collaboration with the police has seized NFT assets for the first time, with a trio of non-fungible tokens taking its place as evidence in an ongoing VAT fraud case.
All in all, the boys in blue have confiscated three NFT “artworks” as part of the investigation. A case that marks the first time UK law enforcement has held NFTs while performing their inspectorial duties. However, specifics of each asset will remain a mystery due to the nature of criminal procedures in the UK, with the identities of the non-fungible tokens revealed following a trial.
According to reports, the investigation centres around a $1.89 million fraud case, wherein a trinity of racketeers operated through a network of 250 fake businesses. Among the property seized, included three NFT artworks, various cryptocurrencies, fake identities and a number of boring real-world items. An act that could prove costly for the alleged perpetrators due to the transparent nature of the blockchain.
HMRC seizes first ever NFT in £1.4m fraud case https://t.co/m8fBmPvZug
— BBC News (UK) (@BBCNews) February 14, 2022
Deputy director, Nick Sharp proudly stated that the seizure “serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC”. However, in the hi-tech world of the blockchain, this sounds like it may be interpreted as a challenge rather than a warning.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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