Lyconet pyramid scheme warning issued by Russia


Lyconet has been added to the Central Financial institution of Russia’s unlawful firm blacklist.

As per the Central Financial institution, it has established the Lyconet reveals “indicators of a pyramid scheme”.

In consequence, the Central financial institution states Lyconet is engaged in “unlawful actions”.

Lyconet was added to the Central Financial institution’s blacklist on June 1st, 2021.

Lyconet is a part of the long-running Lyoness Ponzi scheme. Related corporations embody myWorld and CashbackWorld.

Different international locations which have declared Lyoness a pyramid scheme embody Poland, Italy, Norway, Switzerland and Greece.

Lyoness was based in 2003 by Hubert Freidl (proper).

Freidl runs the Ponzi scheme from his native Austria.