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'Notorious and elaborate Ponzi scheme' fraudster arrested after swindling £550m from investors

Document Cited in Related
Vincent
Published date15 April 2024
Publication titleMyLondon (England)
The 42-year-old worked for 'JuicyFields', which the National Crime Agency NCA called a "notorious and elaborate Ponzi scheme". Ponzi schemes generate returns by using the money from new investors to pay earlier investors and collapse when there aren't enough new investors to sustain the payouts

From early 2020 to 2022, more than 500,000 individuals across dozens of countries were registered to JuicyFields websites and offered investment opportunities in the cultivation, harvesting and distribution of medicinal cannabis. Over 180,000 investors transferred funds.

A massive £550 million is thought to have been invested, though unreported damages could bring that sum far higher. In July 2022, the organisers of the scheme abruptly removed company profiles from social media networks and blocked users' logins.

A large number of reports across Europe led to a joint investigation across the continent. On April 11, 2024, nine people were arrested and over 30 houses were searched.

Over the course of the investigation, several millions of Euros in crypto assets and bank accounts have been frozen. Real estate properties, vehicles, artwork, cash and various luxury items have been seized, in addition to a large number of electronic...

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