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| Hungarian authorities seized crуptocurrencу valued at $1 million due to tax evasion. |
The National Tax and Customs Administration of Hungary has announced the seizure of cryptocurrency from a criminal organization that evaded paying value-added tax (VAT) on the additional value of three billion Hungarian forints ($8.2 million).
As part of the operation, the Western Transdanubian Criminal Department conducted simultaneous raids in 28 locations, resulting in the arrest of suspects. Illegally acquired goods, assets, and cryptocurrency worth approximately 420 million forints ($1.15 million) were seized. Law enforcement officials have revealed that the confiscated cryptocurrencies were transferred to a specially created crypto wallet.
The tax office has provided an explanation regarding the activities of the criminal organization. Members of the group purchased smartphones, tablets, solar batteries, and other electronic devices from several European Union countries. To avoid paying VAT, they employed the strategy of creating shell companies that changed every few months during the importation of the products. This tactic allowed the fraudsters to sell electronic devices to various wholesalers and resellers at competitive prices.
By employing a fictitious invoicing chain, the criminal organization managed to save more than 3 billion HUF in VAT, as disclosed by the tax office.
Furthermore, it has been reported that a portion of the criminal proceeds was invested in cryptocurrency.
According to law enforcement officials, three individuals affiliated with the criminal organization have been apprehended.
