MADRID: Police forces led by Spain have arrested a gang which allegedly defrauded 645 million euros ($686.41 million) from victims in 35 nations in a rip-off centred round hashish vegetation for medicinal use. The gang mounted a advertising system and attended worldwide hashish festivals to persuade victims to put money into the system, the Spanish Nationwide Police mentioned in a press release. It led the operation with the assistance of Europol and police forces in 5 different nations. 9 suspects, who haven’t been named, have been detained on April 11 on suspicion of fraud in Spain, Britain, Germany, Latvia, Poland, Italy and the Dominican Republic. “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 mentioned. “With this system, they promised victims profits of between 70% and 168% per year, depending on the species of cannabis in which they invested.” The British Nationwide Crime Company (NCA), which took half within the operation, mentioned 180,000 folks invested funds in “JuicyFields” which it known as “a notorious and elaborate Ponzi fraud scheme”. The NCA additionally mentioned {that a} 42-year-old man appeared in a London court docket on April 11 for the beginning of extradition proceedings. Luxurious automobiles, lodge events and music movies have been utilized in an promoting marketing campaign to advertise the scheme, police mentioned, and victims have been taken to authorized hashish plantations which have been concerned within the rip-off. Police carried out raids in 2022 however didn’t say if any suspects have been charged with any offences. Police blocked financial institution accounts containing 58,600.00 euros and 116,300.00 euros in crypto currencies, and 106,000 euros in money was recovered. Properties value 2.6 billion euros have been seized.
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