Roger Ver, a Bitcoin investor, was apprehended in Spain for tax evasion, as stated by the U.S. Department of Justice.
The Department of Justice (DOJ) seeks to extradite Ver to the United States in order to prosecute him for evading $50 million in taxes.
After acquiring citizenship in St. Kitts and Nevis in 2014, the user operated MemoryDealers.com and Agilestar.com.
According to the DOJ, he is accused of not paying sufficient exit taxes on the profits made from selling his assets, which include 131,000 bitcoins possessed by him and his enterprises in 2014, with 73,000 of them being directly owned by the organizations.
Ver was required to report all global asset capital gains on his tax returns in accordance with U.S. legislation. According to the Department of Justice, he allegedly caused the IRS to lose a minimum of $48 million by failing to fulfill his obligations.
In the middle of 2017, Ver’s companies had a total of 70,000 bitcoins. Ver purportedly liquidated a number of these bitcoins for a sum of $240 million in November 2017.
Additionally, he is said to have deceived a law firm by submitting fraudulent tax files that misrepresented the amount and value of his bitcoin holdings.
This example highlights the need of tax transparency and adherence to regulations in the administration of bitcoin assets.
