Juicyfields Ponzi Scheme leaves Maltese investors penniless

Juicyfields Ponzi Scheme leaves Maltese investors penniless

The Malta Times A number of Maltese retail investors have seen their investments disappear after a cannabis investment platform promising massive returns stopped operating, in mysterious circumstances. The global fall-out from what is believed to be an ‘exit scam’ by the creators of Juicy Fields, a platform that allows investors to reap interest from the trade in legally-grown cannabis, has touched upon Malta, with several investors reporting losing large sums of money. “My family lost over €108,000 through the scam. We don’t know what we can do,” one of the victims who spoke to this newspaper said. At least 40 other Maltese investors are believed to have lost their savings with Juicy Fields, filing criminal complaints with the police. Investigations in Germany and Spain are also ongoing. The cannabis investment platform supposedly connected micro-investors with small cannabis farmers, to fund crop cultivation that was then legitimately sold. Investors were told they could expect returns of up to 66% on their investment in just 90 days. The company’s main tool was its online platform. Users could buy and sell plants, manage them in virtual greenhouses and have their money paid out. Those looking to invest in the company were allowed to deposit up to €180,000 via bank transfer of crypto-investments, without needing to do any background checks. The company billed itself as a supplier for the medical cannabis industry, promising massive returns that doubled investments almost immediately: for example, a ‘juicy flash’ investment of €50 would return anything between €68 to €83 after a 108-day harvest; the ‘juicy haze’ paid out over €11,000 over five years, for a €2,000 investment. The allure of such lucrative returns was obvious – investors initially were paid out these high returns, convinced that Juicy Fields was a safe deal. The mystery for the thousands of…

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Source : Juicyfields Ponzi Scheme leaves Maltese investors penniless

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