Detention in the JuicyFields fraudulent investment scheme worth 645 million euros

17 April 2024 2 minutes Author: Newsman

JuicyFields positioned itself as a cannabis crowdgrowing platform that allowed ordinary people to invest in growing medical cannabis without having to own a physical plantation or practice agronomy. The idea was that investors could “buy” plants virtually and then profit from growing and selling them.

All this happened through an online platform. Here are the main promises and features of JuicyFields:

  1. Minimum entry fee: Investors could start with small amounts, making the platform accessible to a wide range of individuals.
  2. High returns: YusiFields promised high annual returns on investments that far exceeded the average level of market investments.
  3. Ease of Investing: The platform provided a simple interface that allowed users to easily manage their investments, monitor plant growth, and earn profits.

However, later it turned out that the activities of JuicyFields bore the signs of a financial pyramid. For example, the platform depended on constantly attracting new investors to pay out profits to existing participants. When there were not enough new investors to cover the payouts, the system collapsed. This led to the blocking of financial funds of investors and mass complaints of fraud.

9 arrests were the result of the joint work of several European law enforcement agencies, which received support from Europol and Eurojust. The arrests were part of a crackdown on a large-scale JuicyFields investment scam involving fake cannabis investment opportunities. During the operation, which took place on April 11, 2024, more than 400 law enforcement officers in 11 countries made arrests and conducted 38 house searches. As a result of the investigation and actions taken on the day, around 8.9 million euros worth of assets were frozen or confiscated, including money in bank accounts, cryptocurrencies, cash and real estate, and a number of luxury cars and works of art were seized.

This case highlights the importance of international cooperation in the fight against organized transnational crime. Thanks to the coordinated work of Europol, Eurojust and national law enforcement agencies from Europe and other countries, the perpetrators were brought to justice and it was possible to prevent the further development of this fraudulent scheme. Law enforcement officials urge citizens to be cautious when investing online and teach how to avoid falling into such fraudulent schemes. Sign up for updates from Europol to receive up-to-date information about the security of your investments.

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