Spanish Police Arrest Gang in $686 Million Cannabis Investment Scam, Spain

MADRID: Police forces led by Spain have arrested a gang which allegedly defrauded 645 million euros ($686.41 million) from victims in 35 countries in a scam centred around cannabis plants for medicinal use. The gang mounted a marketing system and attended international cannabis fairs to convince victims to invest in the system, the Spanish National Police said in a statement. It led the operation with the help of Europol and police forces in five other countries. Nine suspects, who have not been named, were detained on April 11 on suspicion of fraud in Spain, Britain, Germany, Latvia, Poland, Italy, and the Dominican Republic. Luxury cars, hotel parties, and music videos were used in an advertising campaign to promote the scheme, police said, and victims were taken to legal cannabis plantations which were involved in the scam. Police blocked bank accounts containing 58,600.00 euros and 116,300.00 euros in crypto currencies, and 106,000 euros in cash was recovered. Properties worth 2.6 billion euros were seized.