Hello and welcome to the details of Police arrest international gang in US$686m medicinal cannabis scam and now with the details
Nevin Al Sukari - Sana'a - Police arrest international gang in US$686m medicinal cannabis scam. — Reuters pic
MADRID, April 13 — Police forces led by Spain have arrested a gang which allegedly defrauded €645 million (RM3.2 billion) from victims in 35 countries in a scam centred around cannabis plants for medicinal use.
The gang mounted a marketing system and attended international cannabis fairs to convince victims to invest in the system, the Spanish National Police said in a statement.
It led the operation with the help of Europol and police forces in five other countries.
Nine suspects, who have not been named, were detained on April 11 on suspicion of fraud in Spain, Britain, Germany, Latvia, Poland, Italy and the Dominican Republic.
Advertisement
“The business model offered by this organization consisted of using the capital transferred from investors to develop partnerships to finance the cultivation of cannabis plants,” Silvia Garrido, Spanish police spokeswoman said.
“With this system, they promised victims profits of between 70 per cent and 168 per cent per year, depending on the species of cannabis in which they invested.”
The British National Crime Agency (NCA), which took part in the operation, said 180,000 people invested funds in “JuicyFields” which it called “a notorious and elaborate Ponzi fraud scheme”.
Advertisement
The NCA also said that a 42-year-old man appeared in a London court on April 11 for the start of extradition proceedings.
Luxury cars, hotel parties and music videos were used in an advertising campaign to promote the scheme, police said, and victims were taken to legal cannabis plantations which were involved in the scam.
Police carried out raids in 2022 but did not say if any suspects have been charged with any offences.
Police blocked bank accounts containing €58,600.00 and €116,300.00 in crypto currencies, and €106,000 in cash was recovered. Properties worth €2.6 billion were seized. — Reuters
These were the details of the news Police arrest international gang in US$686m medicinal cannabis scam for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.