JuicyFields
 | |
| Juicy Holdings B.V | |
| Industry | Cannabis |
| Founded | 2020 |
| Defunct | July 2022 |
| Fate | Collapse as a result of being a Ponzi scheme |
| Headquarters | |
Area served | Worldwide |
JuicyFields, also known as Juicy Holdings B.V.,[1] was a Ponzi scheme centered around promoting investments in cannabis. It started in early 2020 and collapsed in July 2022. Around 186,000 people invested a total of around €645 million in JuicyFields.[2] It was one of the largest cannabis scams.[3]
Model
[edit]JuicyFields claimed that investors could invest in cannabis plants and would receive profit from the sale of products made from the plants. It promised its investors a monthly 6–14% return on investment, with a minimum investment of €50.[4][5] Investors were rewarded if they could get others involved, similar to a multi-level marketing scheme.[5] Like in a Ponzi scheme, at least some of newer investments were used to pay off older investments.[5] Defrauded money was put into cryptocurrencies and fiat money.[6] Overall, around €645,000,000 from around 186,000 people was invested into JuicyFields.[2]
The company was originally based in Berlin.[7] It then moved to the Netherlands then Switzerland within a year.[5]
Research by BNNVARA revealed JuicyFields paid South American plantations to install webcams and display JuicyFields banners to create the illusion for remote investors that they were viewing the plants they invested in.[8]
History
[edit]The organization began activity in March 2020.[9]
BaFin noted issues with JuicyFields in March 2022. In June, it banned the company from offering investments in cannabis.[5] The organization collapsed in July 2022.[2] It froze withdrawing investments, preventing users from accessing their money. They also deleted their social media accounts.[4] Users also were not able to log into JuicyFields' website.[5] The website had restarted by January 2023. Investments made prior to July 2022 were unable to be accessed.[5]
Response
[edit]The Dutch Public Prosecution Service told BNNVARA that no criminal investigation was opened because there was "insufficient national public interest" to justify such an investigation.[10]
In late 2023, the CEO of JuicyFields', Stefan von Luxburg, car was lit on fire and vandalized with the message "From Russia with Love".[11]
On April 11, 2024, Europol organized a raid across 11 nations, involving hundreds of officers. Nine people were arrested and 38 houses were searched.[3] In August 2024, Sergei Berezin was extradited from the Dominican Republic to Spain.[6]
References
[edit]- ^ "BaFin prohibits Juicy Holdings B.V. (also known as "Juicy Fields") from offering capital investments in the form of investments in cannabis plants to the public". BaFin. 21 July 2022. Archived from the original on 18 January 2023. Retrieved 6 April 2025.
- ^ a b c "9 arrests in EUR 645 million JuicyFields investment scam case". Europol. Archived from the original on 28 February 2025. Retrieved 6 April 2025.
- ^ a b Sabaghi, Dario (16 April 2024). "JuicyFields' Nearly $700 Million Cannabis Scam Case Leads To 9 Arrests". Forbes. Archived from the original on 9 September 2024. Retrieved 6 April 2025.
- ^ a b Sabaghi, Dario (25 July 2022). "JuicyFields' Alleged Ponzi Scheme May Be The Biggest Scam In The Cannabis Industry". Forbes. Retrieved 6 April 2025.
- ^ a b c d e f g Martin, Nico; Becker, Andreas (18 January 2023). "JuicyFields blocks cannabis investments". DW. Archived from the original on 17 December 2024. Retrieved 6 April 2025.
- ^ a b "Russian leader of cannabis fraud extradited to Spain". DominicanToday. Santo Domingo. 21 August 2024. Retrieved 9 April 2025.
- ^ Becker, Andreas (12 March 2024). "JuicyFields cannabis scam: New revelations come to light". DW. Retrieved 6 April 2025.
- ^ "Terneuzenaar (73) verdacht van internationale cannabisfraude: 'Justitie liet hem maandenlang vrij rondlopen'". www.omroepzeeland.nl (in Dutch). 27 October 2024. Retrieved 7 April 2025.
Uit onderzoek van Zembla blijkt dat JuicyFields plantages in Zuid-Amerika vroeg om camera's te installeren en JuicyFields-spandoeken op te hangen. Op die manier moesten beleggers die thuis achter hun computer zaten het idee worden gegeven dat ze zaten te kijken naar de planten waarin ze zelf hadden geïnvesteerd. Van de V. bevestigt dit: "Ik mocht van JuicyFields 500 euro bieden om camera's op te hangen. En JuicyFields zou de spandoeken maken."
- ^ Keller, Gabriela (8 November 2024). "Millionen-Betrug mit Cannabis: Das System boomte trotz Warnungen". Correctiv (in German). Retrieved 6 April 2025.
- ^ "Justitie deed niets met omvangrijke cannabisfraude waarbij honderden Nederlanders werden gedupeerd - Zembla - BNNVARA". Zembla (in Dutch). 26 October 2024. Retrieved 7 April 2025.
Het Openbaar Ministerie laat tegenover Zembla weten dat er geen strafrechtelijk onderzoek is geopend, omdat er "onvoldoende maatschappelijk nationaal belang" was om zo'n onderzoek te rechtvaardigen
- ^ Stevens, Ben (13 November 2024). "Juicy Fields Ring Leaders Finally Face Trial 2 Years After Collapse". Business of Cannabis. Retrieved 6 April 2025.