With a promised return of up to 100%, a 41-year-old man became weak from goods and invested a lower five-figure amount of money in the cannabis crowdinvesting platform “juicyfields.io”. The company took advantage of the hype surrounding the upcoming legalization of medical cannabis and has been offering so-called “e-growing” in Germany since 2020. The private investors who were supposedly able to participate in the cultivation, harvest and sale of medical cannabis plants via virtual greenhouses were promised exorbitantly high returns.
The Berlin Public Prosecutor's Office has already started investigations against twelve people suspected of being responsible for the internet platform "juicyfields.io" and on August 16, 2022, their apartments and business premises of five companies at two locations were searched by the Berlin State Criminal Police Office on behalf of the Berlin Public Prosecutor's Office. Numerous documents were secured. The investigation is now intended to clarify whether the purchased plants actually existed or whether investors were possibly defrauded as part of a so-called “pyramid scheme” - old claims would then have been paid directly from newly collected money, without the actual investment being made were.
In addition to the Berlin State Criminal Police Office, the Federal Financial Supervisory Authority (BaFin), which already banned public offers of assets in the form of investments in cannabis plants on June 3, 2022, was also involved in the search.
Further link to the press release from the Berlin Public Prosecutor's Office
As early as March 2022, BaFin had warned about Juicy Holdings BV's offer and was itself investigating Juicy Holdings BV for violating the Asset Investment Act. On June 3, 2022, BaFin, as already mentioned, banned the public offers of “juicyfields.io” in Germany because there was no sales prospectus. On July 20, 2022, BaFin published further warnings for consumers against Juicy Holdings BV.
Further links to the press release from the Federal Financial Supervisory Authority
Unfortunately, these warnings came too late for many small investors - including the 41-year-old from Waren. He could no longer log in to the online platform and received no information, let alone a payout of his investment.
But what actually is (capital) investment fraud?
(Capital) investment fraud represents a special form of fraud. It always occurs when a provider provides brochures, representations or overviews of the assets to a larger customer with regard to the circumstances that are significant for the decision to purchase or increase. and investor group provides incorrect, advantageous information or conceals disadvantageous facts. For example in connection with:
- The distribution of securities, subscription rights or shares that
are intended to provide participation in a company's event (stocks, funds and certificates) - Investments in solar systems
- Business with scrap and valuable properties
- Trade in diamonds and precious stones
- Investments in companies
The so-called “snowball system” often comes into play.
At the beginning, investors do not notice that it is a (capital) investment fraud. Money is invested in apparently profitable investments and initially profits are even distributed in order to gain the trust of the customer base and thereby win additional customers. This first sense of success often entices many investors to invest even more money. What they don't know, however, is that the pyramid scheme is designed in such a way that each investor finances another investor with his money. The money is therefore needed for the profit distribution of another investor. This makes it possible to fake high profits.
It can currently be assumed that there have been 108 cases of (capital) investment fraud in the Neubrandenburg police headquarters area since 2020, with an alleged loss amount of approximately 2,725,000.00 euros.
How do I recognize (capital) investment fraud?
The signs of (capital) investment fraud are often the same and easy to recognize:
- Exorbitantly high returns promises of well over 10%
- little or no risks are promised
- high commissions for investment intermediaries
- Consultants or companies are based abroad
- Investors should transfer the money to foreign accounts
Further information can be found under “Investment – How to recognize dubious providers”
I was scammed – what do I do?
- Involve the police, public prosecutor's office and financial supervisory authority.
Since many investors are always needed for the growth of the pyramid scheme, the fraudulent system usually collapses after a few months or years. Due to the often high number of victims, collective proceedings are conducted by the police or public prosecutor. By filing a complaint, the fraudsters' accounts can be blocked and their assets secured. - Get your money back
If payments were made via credit card, this can be recovered in some cases. Transfers from your checking account can also be retrieved under certain circumstances. Speak to a representative at your bank. - Revoking or contesting contracts
If you have concluded a contract, you can revoke or contest this in the event of (capital) investment fraud. - Making claims for damages
People who have received incorrect advice can make claims for damages against the investment advisor.
source
Neubrandenburg Police Headquarters
Also read: Scams in digital cannabis investments
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