Beware of Myworld – Review

The bank accounts of Lyoness in South Africa have been frozen thanks to two ordinary citizens.

MoneyWeb reported on September 1st;

Jianliu Lin and her husband Adriaan van den Bergh, both participants in the multi-level marketing program, applied on Sunday night.

To serve Standard Bank with the order to stop any money transfers out of the corporate bank account, the ex parte application—where the court hears just one side of the case—was filed late on Sunday.

Because Lin and van der Bergh believe Lyoness is a Ponzi scam, they say they filed their application “in the public interest.”

Lin presents herself as a victim even though she appears to be a key Lyoness advocate in South Africa.

Lin made a total investment of R6.1 million and was promoted to vice president in 2018.

Lin describes how she transferred R4.5 million more to the same Standard Bank account and was rewarded with 594.66 “Enterprise Clouds” valued at R7 500 apiece.

According to her declaration, “What I have seen is that it appears like Lyconet continually rebranding the different items. As a result, as soon as I am due to a payout in respect of the points, there is a name change, the branded products disappear, and I receive no compensation.

“I’m really in a pickle. I can frankly state that approval for Lyconet’s ongoing rebranding and conversion of its goods is not provided voluntarily. I’m caught in Lyconet. I have to check the box, or I lose everything.

The ex-parte freeze request was made as a result of Lyoness reducing the R300 million in their South African bank accounts held by that company to just R11.4 million during a short period in June 2022 ($17.4 million down to USD 664,467).

Owner Hubert Freidl runs Lyoness and its connected enterprises from Austria (right).

For 120 days, the authorized freeze will be in effect.

The lawyer for Lin and Van den Bergh asserts that complaints have been made to the FSCA, the FIC, and the Pretoria police. Authorities looking into “where the money went” is what they wish for.

Lyoness routinely changes business names, much like it does with its investment plans. The most well-known brand of the Ponzi scam is Lyoness, although it also goes by the names Lyconet, CashBack World, and world.

Whatever Lyoness recruiting in South Africa was about has long since disintegrated. South Africa is not identified by SimilarWeb as a significant source of the traffic to any of Lyoness’ websites.

Lyoness as myWorld was last evaluated by BehindMLM in February 2021. Recently, the Ponzi fraud has returned to Europe.

According to SimilarWeb traffic statistics, a recent hiring boom in Germany and the Czech Republic has come to an end. Greece and Poland are presently seeking new Lyoness investors.

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