JuicyFields
2022 Ponzi scheme
From Wikipedia, the free encyclopedia
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]
| |
| 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 |
Model
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]
Scheme mechanics and marketing
Investigations found that JuicyFields blended multi-level referral bonuses with staged “proof-of-plant” marketing. Dutch broadcaster BNNVARA reported that partner plantations in South America were asked to install webcams and hang JuicyFields banners so online investors would believe they were watching “their” plants in real time.[9] French daily Le Monde described the pitch: “buy” a plant for €50 and receive 36–66% three months later—and traced how e-growers were onboarded through social media and trade-show promotion.[10] German outlet CORRECTIV later documented internal chats and payment trails showing substantial use of crypto exchanges alongside conventional processors.[11]
History
The organization began activity in March 2020.[12]
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
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.[13]
In late 2023, the CEO of JuicyFields', Stefan von Luxburg, car was lit on fire and vandalized with the message "From Russia with Love".[14]
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]
Law enforcement investigations
On 11 April 2024, a joint investigation team coordinated by Europol and Eurojust carried out a coordinated action day across 11 countries against the JuicyFields network, resulting in nine arrests and 38 property searches; authorities estimated around €645 million in victim losses affecting roughly 186,000 investors worldwide.[15][16][17]
Spanish media reported that the international operation was codenamed “Operación Stoner”, with some suspects traced to Tenerife, where luxury real-estate developments and high-end vehicles were allegedly used as part of money-laundering activities; Spanish complainants numbered nearly 1,800 by June 2024, with estimated local losses exceeding €24 million.[18] Following his April 2024 arrest abroad, Russian national Sergei Berezin—identified by press and police as a leader of the scheme—was extradited from the Dominican Republic to Spain in August 2024.[19][15]
In its 2025 annual report, Spain’s Audiencia Nacional noted the case (Diligencias Previas 57/22) among major transnational fraud investigations, referencing international coordination with Germany and France and thousands of affected investors.[20]
Money flows and payment processing
Investigative reporting in 2024 traced JuicyFields’ financial flows across conventional bank accounts and cryptocurrencies. A cross-border investigation by CORRECTIV and partners reported that approximately €446 million moved through Cyprus-based accounts linked to the scheme, about €190 million flowed via crypto exchanges, and around €5 million passed through Moscow-based exchange Garantex; the reporting also named payment institution ISX Financial EU PLC (Cyprus) as a processor used by the network.[21] In 2025, German investor-rights firm Schirp & Partner announced civil action and regulatory complaints in the EU regarding ISX’s role as a payment intermediary, alongside efforts to involve the Central Bank of Cyprus and the European Banking Authority.[22]
Countries and jurisdictions implicated
While the platform presented itself as a single “e-growing” marketplace, reporting and official actions traced corporate registrations, payment rails, suspects and victims across eleven countries.
Russia
Berlin police stated that principal operators acted “von Russland aus” (“from Russia”), as part of a transnational network behind the investment fraud; German prosecutors coordinated with partners in several states during 2024 measures.[23] CORRECTIV’s investigation identified alleged leadership figures with Russian ties and detailed flows that included approximately €5 million via Moscow-based exchange Garantex.[11] After an April 2024 action day, Russian national Sergei Berezin was extradited from the Dominican Republic to Spain in August 2024.[24]
Switzerland
Corporate records and bankruptcy filings show that the Dutch vehicle Juicy Holdings B.V. had a Swiss parent, JuicyFields AG (later renamed and liquidated), registered in the canton of Schwyz (Knonau/Pfäffikon SZ noted in filings).[25][26][27] German media reported that Swiss entities and accounts formed part of the group’s cross-border structure before the 2022 collapse.[28]
Netherlands
The trading entity Juicy Holdings B.V. was incorporated and domiciled in Amsterdam and entered bankruptcy in late 2022; the curator’s public reports note links to the Swiss parent and describe blocked funds at payment institutions.[29][30] The Dutch financial regulator AFM publicly stated in June 2022 that “Juicy Fields waarschijnlijk een scam” (“probably a scam”).[31] Dutch media and victims’ groups subsequently criticized the lack of a national criminal probe despite hundreds of local complainants.[32]
Germany
Germany was both an early operational base and a lead jurisdiction for enforcement and consumer protection measures. BaFin warned investors in March 2022 and, in July, prohibited Juicy Holdings B.V. from offering investments to the public.[33] In December 2024, Berlin police announced seizures and arrests tied to the case as part of a wider, multi-country effort.[23] German media (DW and CORRECTIV) traced the company’s move from Berlin to the Netherlands and Switzerland and documented the scheme’s scale and organization.[34][35]
Cyprus
Cyprus featured prominently in the payment stack. The Dutch bankruptcy curator reported blocked balances at “ISX Financial in Cyprus,” alongside other processors, following requests from foreign authorities.[36] Investigative reporting and market press also identified Cypriot-licensed ISX Financial EU PLC as a payments intermediary for JuicyFields.[37][21]
Spain
Spain’s Audiencia Nacional has led a centralised probe (Diligencias Previas 57/22) with thousands of complainants; media counted nearly 1,800 Spanish victims by June 2024 and detailed money-laundering via luxury real estate and vehicles in Tenerife.[18][20] The April 2024 coordinated action day across 11 countries reported by Europol and Eurojust included Spanish arrests and searches tied to the case.[15][16]
United Kingdom
U.K. participation in the coordinated action was confirmed in wire reports of the 11 April 2024 raids; a 42-year-old appeared before a London court the same day at the start of extradition proceedings, according to coverage carried by Voice of America (Reuters).[38] Reuters likewise listed Britain among the countries where suspects were detained.[39]
Italy
Italian arrests formed part of the 11 April 2024 action day; Reuters named Italy among the jurisdictions where suspects were detained in the JuicyFields case.[39][38]
Poland
Poland was also cited among the countries with detentions during the coordinated operation targeting JuicyFields.[39][38]
Latvia
Latvia appeared on the list of countries where suspects were arrested during the April 2024 action, per Reuters coverage.[39][38]
Dominican Republic
In addition to being listed by Reuters among countries with April 2024 detentions,[39] the Dominican Republic later extradited Russian national Sergei Berezin to Spain in August 2024 in connection with the case.[40]
Regulatory warnings and consumer alerts
Before the collapse, multiple European regulators and media highlighted warnings. Germany’s BaFin issued consumer notices in March 2022 and formally prohibited offers to the public in June 2022.[41] Spanish and Dutch outlets reported that Spain’s CNMV flagged JuicyFields on its lists of unauthorised entities, while the Netherlands’ AFM publicly stated the platform was “probably a scam”.[42][31][43]
Media investigations
Following early coverage by international outlets in mid-2022,[44][45] Dutch broadcaster BNNVARA’s Zembla published further findings in 2024 about Dutch victims and prosecutorial decisions,[32] while Germany’s CORRECTIV released a multi-part 2024 investigation detailing internal communications, alleged leadership structures, and the laundering architecture of the scheme.[21][35]
Civil actions and victims
Beyond criminal probes, investor representatives in several countries have pursued civil avenues. In Spain, nearly 1,800 investors had joined private complaints by mid-2024.[18] In Germany and at EU level, law firms announced claims and regulatory petitions focused on payment intermediaries allegedly used by JuicyFields.[46][47]