The investigation into one of the biggest scam cases in the cannabis industry, estimated to be nearly $700 million, has led to 9 arrests.
A joint investigation conducted by several European law enforcement authorities resulted in the arrest of suspects involved in the 'JuicyFields' investment fraud case. This investigation was supported by Europol, the European Union Agency for Law Enforcement Cooperation.
Europol reported that on April 11, over 400 law enforcement officers in 11 countries executed nine arrest warrants and conducted 38 house searches.
Judicial assessments show that the losses stemming from fraudulent investments in the promoted cannabis cultivation crowdsourcing platform reached €645 million ($684 million) and involved 186,000 individuals worldwide, mainly European online investors. However, unreported damages may exceed this figure significantly.
The case of JuicyFields considered one of the biggest scams in the cannabis industry, broke the news in 2022.
Read more at forbes.com