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Three people arrested after a British tax collector seizes NFTs in a USD 1.9 million fraud

HM Revenue & Customs (HMRC) of the United Kingdom has made its first non-fungible token (NFT) arrest. In this fraud, the British authorities detained three people with cryptocurrencies and noted the involvement of 250 allegedly fake companies.

HM Revenue & Customs (HMRC) is the government body which is responsible for collecting, paying, administering, and enforcing taxes in the United Kingdom. On Monday, it seized three non-fungible tokens (NFTs) and cryptocurrencies worth around 5,000 pounds as part of an ongoing fraud investigation. Three more people have been arrested. The officials also stated that it was their first-ever NFT seizure. The digital art NFTs that were seized have not been appraised.

The ongoing value-added tax (VAT) repayment fraud case involves 250 allegedly fake companies accused of defrauding the government of 1.4 million pounds ($1.9 million).

The officials said, “Our first seizure of a non-fungible token serves as a caution to anyone who believes they can hide money from HMRC using crypto assets.”

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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