Juicy Fields: That’s what investors who fear for their money should do now

Numerous investors are no longer able to access their accounts on the cannabis crowdinvesting platform Juicy Fields and fear for their money. What should you do now?

“Anyone who fears that they have been the victim of fraud should file a complaint with the police or the public prosecutor’s office as soon as possible,” says a spokeswoman for the financial supervisory authority Bafin.

In addition, the Bafin recommends those affected to consult a lawyer if necessary.

The returns sounded tempting for many thousands of investors: they could allegedly invest their money in medicinal hemp plants via the cannabis platform Juicy Fields and share in the profits after they were harvested and sold. Fantastic returns were promised – for example interest of up to 66 percent in just three months.

With these profit promises and aggressive marketing methods on various social media platforms, the company attracted numerous customers. Most recently, the company advertised itself with around 500,000 active users. But recently they can no longer access their accounts, they fear for their money and the founders are said to have gone into hiding. Was this all a scam?

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The financial supervisory authority Bafin has banned the business in Germany

Already in The financial supervisory authority Bafin issued a warning in March before the cannabis platform, but apparently many investors didn’t realize it — or didn’t care. In mid-June, the Bafin prohibited the cannabis platform even then the business in Germany. The reason: Juicy Fields had violated the Investment Act because it could not submit a sales prospectus.

It is now suspected that Juicy Fields is an “exit scam”. So the money from new investors was used to fund initial distributions. Until the string pullers made off with the money and many investors may have lost a lot of money.

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What should investors do now?

They are now asking themselves: What options do I have to get my money back? But the options for action are limited. “Anyone who fears that they have been the victim of fraud should file a complaint with the police or the public prosecutor’s office as soon as possible,” Bafin spokeswoman Dominika Kula told Business Insider.

Those affected should explain their own circumstances to the respective officials. How much money has been invested? What contracts, if any, have been entered into with Juicy Fields? “You should explain that no one is responding to your emails or calls. And that they therefore assume that they have been cheated on,” says Kula. Any police station or public prosecutor’s office can receive such a criminal complaint.

As a law enforcement agency, they would then investigate whether a criminal offense had been committed. In addition, the Bafin recommends those affected to consult a lawyer if necessary. Ultimately, those responsible can be brought to justice. “I cannot speculate whether this will happen,” said Bafin spokeswoman Kula. In addition, there is also the possibility of contacting a consumer center, according to the website of the financial supervisory authority.

Do you know more about the cheating allegations at Juicy Fields? Did you work there yourself? Then get in touch with us at [email protected] and [email protected].

Disclaimer: Stocks, cryptocurrencies and investments are always associated with risk. A total loss of the invested capital cannot be ruled out either. The published articles, data and forecasts are not an invitation to buy or sell securities or rights. They also do not replace professional advice.

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