International Police Operation Dismantles JuicyFields Ponzi Scheme
In a significant crackdown on financial fraud, Cyprus has played a pivotal role in an international police operation that resulted in the arrest of nine individuals connected to the infamous JuicyFields Ponzi scheme. The collaborative effort involved law enforcement from across Europe and was bolstered by the support of Europol and Eurojust.
On April 11, a coordinated action saw more than 400 officers from 11 countries carry out nine arrest warrants and conduct 38 house searches. The operation led to the discovery and seizure of substantial assets, including €4.7 million in bank accounts, €1.515 million in cryptocurrencies, €106,000 in cash, and €2.6 million in real estate. Additionally, several luxury vehicles, artworks, and other high-value items were confiscated.
The JuicyFields scheme enticed investors through social media, offering them a chance to invest in the growing medical cannabis industry. The platform claimed to connect investors with medical cannabis producers and promised substantial returns from the sale of marijuana to authorized buyers. With a minimum investment of €50, participants were lured with the prospect of doubling their money or more annually.
However, the promised profits were part of an elaborate scam that affected an estimated 550,000 people worldwide, with a significant number of victims being European citizens. Investors used bank transfers and cryptocurrencies to pour funds into the scheme, which operated from early 2020 until its collapse in July 2022.
The suspects, hailing from diverse nationalities including Russian, Dutch, German, Italian, Latvian, Maltese, Polish, Jordanian, American, and Venezuelan, exploited social networks to draw victims into their web of deceit. While the total reported damages amount to a staggering €645 million, Europol suggests that the actual figures could be much higher due to unreported losses.
The dismantling of JuicyFields was made possible by a joint investigation team at Eurojust, spearheaded by German and Spanish police forces, the French Gendarmerie, and supported by Europol and the UK’s National Crime Agency among other member states’ law enforcement agencies. This operation underscores the commitment of international authorities to combat financial fraud and protect citizens from deceptive investment schemes.
