On Monday 14th Feb 2022, British tax authorities claimed that they had done their first confiscation of non-fungible tokens or NFTs in a clampdown on alleged illegal money hiding racket.
In an attempt to investigate the public treasuries 1.4 million pounds (or $1.9 million) defraud, Revenue & Customs department of Her Majesty seized three NFTs. Other cryptocurrency assets valued around £5,000 were also confiscated. The investigation led to the arresting of three personnel for purported fraud which supposedly involved 250 fake companies in the value added tax repayment scam.
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