Hotnews No. 77 “JuicyFields” Europol solves another Fraud Case

by | May 31, 2024 | Hot News | 0 comments

“JuicyFields” Europol solves another Fraud Case
Nine Suspects Arrested in Case of False Cannabis Investments

A joint investigation by European law enforcement agencies, with support from Europol and Eurojust, has resulted in the arrest of nine suspects linked to the “JuicyFields” cannabis investment fraud, Europol announced today.

Throughout the investigation, authorities seized or froze €4.7 million in bank accounts, €1.515 million in cryptocurrencies, €106,000 in cash, and €2.6 million in real estate. Additionally, luxury vehicles, artworks, luxury items, electronic devices, documents, and cash were confiscated.

Court estimates indicate that the total damage amounts to €645 million, though Europol suspects the actual damage may be significantly higher. Around 550,000 participants, primarily European citizens, were registered as online investors, with 186,000 transferring funds into a Ponzi scheme that operated from early 2020 to July 2022.

The suspects, predominantly Russian nationals but also including individuals from the Netherlands, Germany, Italy, Latvia, Malta, Poland, Jordan, the United States, and Venezuela, used social media advertisements to attract victims to their websites. These sites falsely promised high returns on investments in the cultivation, harvesting, and distribution of cannabis for medical purposes without guarantees.

Europol notes that criminal networks frequently adopt new illegal practices alongside existing illicit activities, especially during periods of regulatory change, leading to the promotion of fraudulent low-risk, high-profit investment opportunities.

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