Juicy Fields: The Incredible Scam in the Cannabis Industry
Camille ValloisFollow us on 
Juicy Fields, the incredible story of a scam in the cannabis industry. Nine people were arrested following an operation coordinated by Europol and Eurojust.
Key Takeaways :
- International arrests: 9 people arrested in an operation coordinated by Europol for their involvement in the Juicy Fields scam, with seizure of over 9 million euros in assets.
- Fraud and losses: Juicy Fields, presented as a cannabis investment opportunity, turned out to be a Ponzi scheme, resulting in heavy financial losses for thousands of investors.
- Legal action and vigilance: Victims, estimated at 186,000 mainly in Europe, have organized legal action and investigations have been launched in several countries to deal with this case of digital fraud.
Juicy Fields scam: arrests for scamming
Nine people were arrested following an operation coordinated by Europol and Eurojust, an organization that supports judicial cooperation and coordination between EU countries.
More than 400 police officers took part in searches in a dozen countries, resulting in the seizure of over €9 million in assets, including bank accounts, crypto-currencies, cash, real estate assets, luxury vehicles and works of art.
The pan-European investigation uncovered an international network comprising individuals of several nationalities, including Russian, Dutch, German, Italian, Latvian, Maltese, Polish, Jordanian, American and Venezuelan.
One arrest in particular is of significant interest to the judicial investigation: a Russian national living in the Dominican Republic is suspected of running Juicy Fields.
This arrest represents a significant breakthrough in the case. However, the road to reimbursement for the victims remains arduous, with intense legal battles involving most of the plaintiffs.
Juicy Fields, green gold promise turned nightmare
Juicy Fields was presented as a lucrative investment opportunity in the legal cannabis sector, promising attractive returns. The site, created in April 2020, offered its customers regular investments, with a minimum sum of €50.
With a promise of up to 66% return on investment, the group offered its investors, or “e-growers” for “e-cultivators” , to invest in investments to grow cannabis plants for therapeutic purposes. However, the platform quickly turned into a nightmare for many investors, revealing its fraudulent nature.
Promises of huge profits turned into substantial financial losses for many participants.
The scam mechanism: a modern-day Ponzi scheme?
Juicy Fields attracted investors by offering high returns on cannabis cultivation, creating an illusion of profitability. For two years, the company sold cannabis plants to thousands of people around the world.
It ran a major communications campaign on social networks, including Telegram. Juicy Fields was also present at a number of major cannabis events.
At the same time, it launched an active and attractive promotion via a YouTube channel, reinforcing its credibility with potential investors.
In retrospect, Juicy Fields operated on the same principle as a Ponzi scheme. This system relies on the recruitment of new investors, rather than real economic activity.
The returns promised are often very high, but they are financed by the funds brought in by new investors rather than by actual profits. This strategy ultimately led to the collapse of the company, leaving many investors out in the cold.
The Juicy Fields collapse: thousands of investors wronged
The abrupt closure of the site and the freezing of all investments last July caused heavy losses to e-growers. The company's directors are accused of orchestrating an “exit scam”, collecting payments with no intention of remunerating investors, before disappearing with the funds.
They also claimed to have contracts with major players in the cannabis industry. Claiming that the plants would be grown in countries where cannabis is legalized for medical purposes, information that turned out to be false.
When many investors tried to withdraw their funds at the same time, the system collapsed, leaving behind an estimated embezzlement of nearly a billion euros.
Many victims, particularly in France and Spain, suffered substantial financial losses.
Reactions and consequences: international mobilization
The number of victims has risen to 186,000 around the world, mainly in Europe. The victims of Juicy Fields have taken legal action, and investigations have been launched in several countries. Investors have mobilized on social networks and forums to exchange information and support each other.
On April 15, 9 arrests were made in an operation coordinated by Europol. The operation targeted an international network, with a genuine mix of nationalities suspected of involvement: Germans, Poles, Dutch, Latvians, Italians, Jordanians, Maltese, Venezuelans and Americans.
The judicial measures are aimed at recovering the misappropriated funds and dismantling the network.
Lessons to be learned: vigilance and regulation in the digital age
Vigilance on the part of online investors is essential if they are to avoid fraud of this kind. They need to be wary of promises of high returns, and carry out thorough checks on companies before investing. Diversifying investments is also crucial to reduce the risk of major financial loss.
In addition, keeping abreast of market trends and fraud alerts issued by financial authorities is essential. Following forums and monitoring opinions is highly recommended. Vigilance and regulation are therefore essential in the digital age to guarantee investor security and maintain confidence in the financial markets.
Unfortunately, Juicy's misadventure could be detrimental to the advancement of cannabis medicine and therapy. Investors will be more suspicious and will no longer trust as easily.
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