Spanish-led police forces have arrested a gang involved in a cannabis scam that defrauded victims in 35 countries of 645 million euros. The gang used a marketing system and attended cannabis fairs to convince victims to invest in the scheme, promising high profits. The British National Crime Agency described it as a Ponzi fraud scheme.
MADRID, April 13 - Police forces led by Spain have arrested a gang which allegedly defrauded 645 million euros from victims in 35 countries in a scam centred around cannabis plants for medicinal use.
"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. The British National Crime Agency , which took part in the operation, said 180,000 people invested funds in “JuicyFields” which it called "a notorious and elaborate Ponzi fraud scheme".
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.
Spain Gang Cannabis Scam Fraud Investment Ponzi Scheme
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