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UK Tax Service Seizes NFTs in £1.4M Fraud Case

ByLouis Adams

Feb 14, 2022 #NFTs
Reading time: < 1 minute

The UK Revenue Authority (HMRC) has seized non-fungible tokens (NFTs) for the first time ever as part of an investigation into an alleged £1.4M VAT fraud, BBC has reported.

According to HMRC, the three suspects involved 250 fake firms in the scheme and also used “sophisticated methods” to hide their identities. The measures included the use of false or stolen documents, fake addresses, prepaid unregistered mobile phones, VPNs and other means.

According to HMRC Deputy Director of Economic Crime Nick Sharp, the first NFT seizure by law enforcement officers “will serve as a warning to anyone who believes that they can use crypto assets to hide money from the tax.” He said:

“We are constantly adapting to new technologies to keep up with how criminals and tax evaders try to hide their assets.”

The HMRC has secured a court order seizing around £5,000 worth of cryptos seized in the case and three NFTs, the value of which has not yet been determined.