MADRID
Spanish-led police on Thursday arrested members of a gang that allegedly swindled $686 million from victims in 35 countries in a scam centered around medicinal cannabis plants.
The gang set up a marketing scheme and attended international cannabis fairs to convince victims to invest in the scheme, the Spanish National Police said in a statement.
He led the operation with the help of Europol and police forces in five other countries.
Nine suspects, who have not been named, were arrested on April 11 on suspicion of fraud in Spain, Britain, Germany, Latvia, Poland, Italy and the Dominican Republic.
“The business model offered by this organization consisted of using capital transferred by investors to develop partnerships to finance the cultivation of cannabis plants,” said Silvia Garrido, a spokeswoman for the Spanish police.
“With this system, they promised victims returns of between 70% and 168% per year, depending on the type of cannabis they invested in.”
Britain's National Crime Agency, which took part in the operation, said 180,000 people invested funds in JuicyFields, which it called “a notorious and elaborate Ponzi scheme”.
The NCA also said a 42-year-old man appeared in a London court on April 11 to start extradition proceedings.
Luxury cars, hotel parties and music videos were used in an advertising campaign to promote the scheme, police said, and victims were taken to legal cannabis plantations involved in the scam.
Police conducted raids in 2022, but have not said whether any suspects have been charged with a crime.
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