UK Authorities Seize Three NFTs in Ongoing Fraud Case

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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.

Source: https://nftplazas.com/uk-hmrc-seize-fraud-nfts/

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