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.”