A famous pyramid model: the Ponzi scheme (which is often the basis of well-made scams) …
Since then, the water flows (like the fake company), and there is something new in it case of scam on a very large scale.
Europol did a great search, no less 9 arrests and numerous researches, etc.
Let’s take stock of the cannabis flavor scam, on Le Cannabiste!
Fact Check: How Juicy Fields Cheated Its Investors
Juicy fields boasted of being a revolutionary platform for investing in medical cannabis, promising attractive investment returns, sometimes up to 66% in 90 days just…
Investors were attracted by the possibility ofbuy cannabis plants virtually and follow its growth, with the promise of quick profits mainly in cryptocurrencies.
In any case, this venture turned out to be a classic Ponzi scheme: funds from new investors pay old ones, creating an illusion of success. Claims of partnerships with legitimate growth operators have been found to be false, exposing the platform’s lack of verification and transparency.
The European investigation and the recent arrests
Europol coordinated a large law enforcement operation against the Juicy Fields scamresult in nine arrests And 38 searches across Europe. This operation mobilized more than 400 agents responsible for the execution of arrest warrants. The suspects involved in this investment fraud come from many countries, reflecting the international nature of the case.
A real melting pot, because the investigation aimed at a German, Polish, Dutch, Latvian, Italian, Jordanian, Maltese, Venezuelan and American networkall suspected of “getting their hands dirty”.
During the searches, authorities seized valuables including bank accounts, cryptocurrencies, works of art, luxury cars and real estate. The total amount of seizures is estimated at several million euros, intended to compensate the victims of the scam.
These legal measures are of course aimed at recovering the funds, but also at dismantling the network involved in this large-scale fraud.
The figures of the Juicy Fields Scam: A Damning Report
The scam orchestrated by Juicy Fields caused massive losses for investors. The judicial evaluations estimate that the total losses due to this fraud amount to approximately 645 million euros.
This figure could, however, be underestimated, with some legal experts suspecting that the real amount of damage could reach up to 5 billion euros!
Approximately 186,000 people all over the world, especially in Europe, have been affected by this scam. These victims were lured by promises of high and fast returns, but find themselves without any possibility to recover their investments after the platform suddenly closes. Seizures made during the searches include not only money, but also various assets that will be used to try to repay the victims.
Consequences for Investors and Legal Remedies
Victims of the Juicy Fields scam are facing significant losses and are actively seeking legal recourse to recover their funds. Many legal actions have been initiated in Europe, with lawyers representing groups of aggrieved investors in countries such as Spain and Germany, where a significant concentration of complaints has been registered.
The complexity of the case, which involves international actors and cross-border financial transactions, makes legal proceedings particularly difficult. Investors have hired lawyers specializing in financial fraud to navigate this legal maze and try to recover at least part of their investments.
The legal battle is still ongoing, and although arrests and asset seizures offer a glimmer of hope, the restitution process is slow and uncertain. The victims have to prepare for a prolonged procedure, during which the full recovery of the invested funds remains uncertain…
How to avoid falling into the trap of fraudulent investments
Little reminder. To avoid falling into the trap of fraudulent investments as that of Juicy fieldsit is crucial to follow certain financial supervision practices.
First, beware of promises of unusually high returns that seem too good to be true. Such returns are often a sign of Ponzi scams.
Second, do proper due diligence on companies before investing. Find information about its legal registration, history and official partners. Legitimate platforms usually have financial transparency and are regulated by the competent financial authorities.
Third, diversify your investments to reduce risk. Don’t put all your funds into a single opportunity, especially if it involves highly speculative sectors like medical cannabis or cryptocurrencies. As they say, You don’t have to put all your eggs in one basket !
Finally, stay informed about market trends and fraud alerts issued by financial authorities. Participating in financial discussion forums and reading market analysis can also help identify signs of questionable investments.
In short, before any investment, it is better to take the time to immerse yourself in the shoes of a researcher (at least), so as not to invest “blind”.
Sources: forbes.com