Spanish authorities arrest 9 for defrauding over $678 million

World News

By Chris Harris

Nine gang members have been busted around the world for swindling over $686 million from people in 35 different countries by getting them to invest in a non-existent medicinal marijuana business.

The Spanish National Police announced the arrests early Saturday in an X post and provided video footage of the busts.

Spanish authorities worked with Europol and the European Union Agency for Criminal Justice Cooperation in orchestrating raids on the suspect’s homes.

None of the nine suspects have been identified at this time. At least one of them is 42-years-old.

They were detained April 11 and charged with suspicion of fraud in Spain, Latvia, England, Germany, Italy, Poland, and the Dominican Republic.

The fake pot Ponzi scheme involved an elaborate marketing scheme for a fake company called JuicyFields, Reuters reports.

The nine suspects also allegedly attended international cannabis fairs to convince victims there’s was a legitimate medicinal marijuana business.

Victims were promised a 70- to 168-percent return on investment, according to Reuters.

In England alone, 180,000 people are said to have fallen victim to the scheme.

Part of the scheme involved bringing potential investors to legal marijuana farms for tours.

With Post wires