What Is Virtual Bank Net? Is Virtual Bank Net a Scam or Legit!

By | February 15, 2018

Scam Witness Investigates Online Scams


Review of What Is Virtual Bank Net

Full Break Down of What Is Virtual Bank Net and is MLC247 Back?

Having trouble getting paid from Virtual-Bank.Net or VB? Many are! I will seek to answer fully What Is Virtual Bank Net, is VirtualBankNet a fraudulent Scam or safe and Legit? This review is an unaffiliated and unbiased review of the owner’s website, whom I have more than enough data, to verify are the owner’s of MLC247 among other scam sites I have already exposed. Also, we shall also answer if they are a Ponzi Scheme/Pyramid Scheme as well.


  • Also, we shall answer what it is first, or, pretending to be.
  • Also, we shall reveal – once again – the dark history of the owner’s and who they are.
  • This article will leave more than adequate evidence of no support to members.
  • Finally, expose the complaints of so many members complaining of no pay outs!
  • Revealing if they are a Ponzi/Pyramid Scheme.


I may unexpectedly digress depending on what further research shows up, but, those are the primary take a ways you will get from reading this article. Be sure to read to the end for a full understanding 🙂 .


Virtual Bank Net is a Scam

Website:- HTTPS:-//virtual-bank.net.

Founders:- Olsen Larsen. George Mckfiri. Fredo Kams – ALL FAKE NAMES! Possible Founder = Mandlakhe Hlongwa.

Fee’s:- Many Investments without Payment to Most members! 10K to Start.

SCAM?:- YES! Indisputable SCAM.

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Let Us Begin our Review to Answer What Is Virtual Bank Net.

Let us see if we can find any legit details to owner(s) as we start to answer what is Virtual Bank Net. So, as I suspected, their online ID is hidden, no email and address not displayed. They do not display ownership on their site either. NOW, WHEN THEY RUN OFF WITH ALL YOUR MONEY – THERE WILL BE NO JUSTICE!! AGAIN :(- !

I will emphasis that these are my opinions and not legal stipulations. You are welcome to query them in the comment box below but any data on my site is NOT intended to use as ‘Legal Proof’. Anyone can do their own research and any errors I make will be corrected if valid. Let’s BEGIN!

First Off! I have excellent reasons to believe the founder of the VirtualBankNet is also the owner of the following online scam websites that took off with an absolute fortune from the good people of South Africa among many other places:-


Need Answers to What Is Virtual Bank Net?



Those reviews contain all the investment levels that I won’t be listing here – I don’t want to bore you 🙂 . They will open in a new window so you can com back.

They are pretending to be so sort online ‘BANK’ and makes nonsense claims that VM’s is a valid online currency. Actually, VM stands for Virtual Currency and is a generic attempt to act like they have some new and brilliant online currency. They puked it up from their criminal minds and ill-grammatically slapped it on a site to rip people off!

You really want to see how criminal the owner’s of VB are? Go a head and click on the MLC247 link above and see all the comments. Not only are they very entertaining but there are some heart wrenching stories of REAL PEOPLE losing what they can not afford to lose – THIS IS WHY THESE FOUNDER(S) HAVE MY VERY VERY SPECIAL ATTENTION! I WILL HAMMER ALL THEIR SITES UNTIL THEY EITHER PAY PEOPLE OR JUST GIVE UP!!

Please submit your stories below so we can build a ‘CASE FILE’, so to speak, to help as many people as possible from being ripped off by them – Thank You 🙂 . You are definitely leaving your comments in the right place as I strongly believe there is no other website online that have covered all of their sites in the one place like we have.

Know of another by these Founders you want exposed? Do let me know and I will write them up for all to save many people their money and time.



What Is The Virtual Bank App and Member Complaints on Virtual-Bank.Net.

Believe it or not these guys got super organized and actually made their own online virtual ‘bank’ app to further scam people. There are two of them and so please do not confuse with the Virtual Bank App from virtualbank.com – I am not referring to these guys for absolute clarity sake. This Virtual Bank App allows its members to par take in an illegal Ponzi Scheme where over 90% will lose their money.

VirtualBank.Net App (ALREADY!) has tons of complaints, in the Google Play Store Website, of NO PAYOUTS. These make for some pretty interesting reviews from a newly launched app. It seems the owner’s were happy with the amount of money they have already robbed from people and, out of no where, has straight up stopped paying everyone! Nearly everyone, as I saw a few trolls, act like they got paid as their language was skewed and dubious at best. These comments can be viewed at their Facebook Group Page (virtualbankonline).

The member complaints about virtual-bank.net’s app range from a slow app, no response from support regarding anything, no payments per time and investment etc. See below for some of the worst complaints I was able to find below:-


Here is the app linked from their own website to Google Play-store.


What Is Virtual Bank Net App



It is by the Website Brothers and you can Email someone called ‘Ryan‘ at ryan@websitebrothers.co.za to leave your complaints.


Here are a few reviews of its members:-


User Complaints of Virtual Bank Net App

Complaints of Virtual Bank Net App

Customer Complaints of Virtual Bank Net App

Virtual Bank Net App User Complaints

Virtual Bank App Complaints


Similar complaints on within their Facebook Group where they are being Ignored.



So now we can clearly see things are not looking rosey so far.



What Is the Product/Service and How People Are Scammed.

There is no product! This is a key component of every online ponzi scheme, of which I can assure one and all, it is. It is also a pyramid scheme as most if not nearly all the money flows upwards to the Top Level Members and Founder(s). Now it is easy to see they are illegal X2.

As a member you are being heartlessly commoditized to support the lavish life styles of criminalsPLEASE KEEP THIS IN MIND SHOULD YOU EVER FEEL TEMPTED TO JOIN THIS OR ANOTHER PONZI SCHEME!


See How Virtual Bank Net is Getting Rich


They appear to be selling ‘VM‘s’. This ‘digital currency’ is sold to members as predetermined prices with an expected ROI. Those who hold the money for the whole member community are known as ‘KEEPERS‘ (Hello Mr Larsen – his favorite word and a dead give away we are dealing with MLC247 Gangsters once again 🙂 ). No other online Ponzi scams I have found uses that word and similar terminology which is quite unique to this crew of online fraudsters.

The money is not kept in one centralized location (apparently! What kind of BANK does not keep money in one location? – illogical). This is to prevent corruption but allows the owner’s to blame the KEEPERS when they no longer pay out. ‘Maturity‘ times vary and is optional.

This is the real reason for the so called KEEPERS and Mr ‘Olsen Larsen‘ disgraced himself when he blamed his owner KEEPER MEMBERS for CORRUPTION OF FUNDS! I well covered this in the reviews above.

Once you buy your VM’s then you wait for other people to buy your VM’s – this is how it works guys? Their website was so utterly generic that it was very unclear how they operate internally. Please let everyone know in the comment box below.

I have no doubt they are operating a Matrix Downline System. Basically, relative to the amounts you invest, you will earn back a predetermined amount. However, this is clearly not the case for the bulk of their members and I hasten to warn you against joining that long que of disappointed investors.

When the new members dry up, as it appear to have done so already, they will just stop paying by freezing accounts. New members are vital for any ponzi scheme to thrive as those new fee’s pay older members. Problem is, that scheme now has created another debt in their system and will continue to owe more money than it promised to their members. Alas, 13 Down Lines is all it takes to have the entire population of our planet in a scam like this.

Is it possible to earn money with these guys? Yes! But, I think you have already missed the boat with VB I am afraid. The first 20 Days is the prime time to make money in these illegal operations. IAM NOT ADVOCATING YOU BREAK THE LAW BY TAKING PART – I am simply stating a fact. Should payments continue it will be members are who just randomly selected for such but most of it is kept by the greedy owner’s.

Unfortunately, it is common practice for such sites to make a huge number of fake member accounts to receive payments from legit members. Furthermore, I see complaints that payments are not BEING CONFIRMED and ‘Support’ is not very supportive whatsoever in dealing with such issues.


I will now list the Scam Signs that are littered all over their site that further tells us they are a scam operation:-


  • They talk a lot about the work but don’t actually tell you what EXACTLY you do to make money per INVESTMENT LEVELS. They speak far too generically and no legit business would leave people confused about their website.
  • VB website says VM’s goes up in value by 2% daily but does not give you the criteria to qualify this increase. Members have been blocked from Facebook Groups for asking such a question as to how they go up.
  • No Income Disclosure to show how much other members, on average, have made etc.
  • No Payment Proofs – this is somewhat of a biggie.
  • Fake as dirt success testimonials.
  • No Founder ID on their website – MAJOR SIGN OF A SCAM.
  • Unresponsive Support – members asking for their money are being ignored.
  • Google Search for ‘VM’ shows up virtual-bank.net. This tells me their ‘currency’ is bogus and is just numbers on a screen in the pretense of a valid product.


I believe that is everything covered and it was a total pleasure to expose these guys 🙂 . Below is my SCAM RATING and then We Highly Encourage Everyone to Have Your Say.







THIS FORUM IS NOW OPEN! Welcome to this discussion as we all share our stories, experiences and opinions below in the comment box provided 🙂 . Are you a current member and have you been paid? Have you been scammed and is support ignoring your plea’s for help? Did I get something wrong in this review of What Is Virtual Bank Net? Any alterations are welcome once they prove to be valid and correct. We shall now wrap things up and look forward to all of your comments to come. Farewell for now everyone 🙂 .



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34 thoughts on “What Is Virtual Bank Net? Is Virtual Bank Net a Scam or Legit!

  1. Dini

    I joined the site in Feb, my friend highly recommended it and of course I trust him.He told me he payed his children’s school fees using payouts from this scheme(mind you all the kids go to private schools), so hey I was all sold. So all in all I have invested close to R2000 but definitely not more. and unfortunately for me I have never withdrawn, as my withdrawal dates were from September upwards. What I find very strange about this VB Bank is that when I first Googled them in Feb, there were no warning sites, until now.To cut a long story short, I’m just as disappointed as everyone here, and I blame myself as much, I should have known better.

    1. Scam Witness Post author

      Hi Dini,

      This article was placed page 1 of Google February 15th – you may have Googled just earlier then that. I am sorry they did not pay you and really all info you have on who you paid money to is welcome here. There are or was a number of these sites going around with the same scam network. One I suspect has targeted this website because it was very successful in warning a great number of people collectively on all sites.

      I just wish you had found this site. It makes me mad as well as these scammers low-moral human beings, however, I believe the misery they inflict on others now will be paid back in due course.

      Its tough to read your story on Virtual Bank Net and just wish there was something more I could do for you Dini.

      NO one knows who these scammers are, if they do, then they are saying absolutely nothing about them!!

      ~Philip (Scam Witness).

  2. Sandra

    I can’t believe how stupid I was regarding this Virtual Bank investment. I invested R2700 and my husband R5500 in January. But it has been over 9 months that we can’t access the site anymore. How can ppl be so cruel and for what good reason? And can’t the government get involved and investigate? Where does the nation get help regarding this fraudsters?

    1. Scam Witness Post author

      Hi Sandra,

      You are not to feel stupid or anything like that. It might be worth taking whatever info you have to the local Police Force. Any names, account numbers – anything that may lead to identification of these scammers. Also, go to WHOIS.COM and type in the site name (without the http or https or www.) and see the Registrars Name. Find their SUPPORT CONTACT and complain to them. Tell them you want their scammer information per ICANN.WHOIS.ORG regulations. Then see if they will give them to you – tell them you are contacting the police and you need this information. If they won’t give you the info, or simply don’t have it, put in a complaint on RIPPOFFREPORT. COM! Registrars, who are hosting all these scam sites and not even getting identification is the real source of the internets problem. They are helping to hide scammers ID and that is OK.

      So, your report on rippoffreport site will do a lot of damage to the registrar company and so its a valuable action to take.

      I hope this helps, however, I am not legally trained and so you should seek legal advice over anything I have said here.

      Thank you kindly for reporting these spineless crooks and even now one is trying is best to ruin me online for exposing him – his such a child! haha, thank you kindly once again Sandra 🙂 .

      ~Philip (Scam Witness).

  3. Trevor.S

    So Ive accepted that Ive lost my money due to my desperate situation, but why is Google Play Store allowing for these apps to be sold and used by their customers? Time we hold suppliers of these apps accountable. And VB-net is not the only app in Play Store that is ripping us off…

    1. Scam Witness Post author

      Hi Trevor,

      Far as I can see Trevor there is no accountability online and there is little way to trace people when they are being protected, their ID that is, by whoever is hosting their app or website.

      Its messed up and yet another amazing human idea being corrupted by immature souls.

      Stay strong, I know its disappointing. We show people how to make a living online should you need advice in this area.

      I wish you well Trevor and thanks for commenting here, it really does mean a lot.

      – Philip.

  4. Benjamin Hlakanye

    I have one investment still running and suppose to pay out in June 2018.I did this twice a d was never paid.Have lost first R1500 and obviously going to loose 65000 in July.Foreiners have seen oppotunity in this country. Because of government week systems.cults.bank robberies.money in transits.Can you take up with government

    1. Scam Witness Post author

      Hi Benjamin,

      I hate to hear stories like this of good people being ripped off. I am happy however you decided to report them to us at this website. This will will a number of help to avoid or at least realize they are really dealing with a scam.

      We also offer legit ways to make money online. Premium Members have the best shot of earning sooner and we also have a Free Option. Let us know if you are interested.

      – Philip.

  5. mduduzi mkhabela

    Thanks a lot. I think I have been scammed. I invested some cash and now my money is less than what I invested. I have had no response from VB when I send queries. Luckily I had invested small amount just to see if it really works. I should have seen this site before investing.

    1. Scam Witness Post author

      Hi mduduzi,

      I am glad it was not too much to lose before you realized they are not legit. I expect many more complaints in time as they are the owners of MLC247!!

      Really big scam operating and pulling in many people. I am very happy you shared your experience here so now that will help many others potentially avoid the same situation. Thank you for that.

      Should you wish to earn online do ask as I show people across the globe how to do this. It is $0 to begin. Paid options but not mandatory.



  6. zandi

    hi am stiill waiting for my money is been a month now they said the are reallocation for everyone that didnt get money

    1. Scam Witness Post author

      Hi zandi,

      Next they will their keepers were corrupt! relocation – same answer given when MLC247 CRASHED. Thanks for letting us know.

        1. Scam Witness Post author

          Hi Steven,
          I am afraid to tell you that I have not found one to date. I will surely let you know should I encounter a legit one. However, I do know there are such schemes running in the USA and have done so for decades. Perhaps a quick Google search will find you one, and if they rip you off Steven, please let us know.

          You may also wish to view our number one recommendation and our ‘Good Jobs’ section located in the top menu bar of this site.



  7. hong

    This is another great article about how to avoid scam online. There are so many scams in the online world. You save us from becoming a pontential victim to this scam. Thank you so much for your work. It was very helpful. I am looking forward for your next article.

    1. Scam Witness Post author

      Hello Hong,

      It is my pleasure and I am very happy this article assisted you in avoiding Virtual Bank Net. So as not to have you waiting, here is my most recent article :- What Is JobDone.Online. Le me know what you think Hong – thank you 🙂 .

  8. Maurice Jackson

    Thanks for the heads-up. These guys are so convincing and will catch those who do not research or cannot catch the tell-tell signs. This review and the others you have exposed in the past is detailed information and very helpful. Keep it up.

    1. Scam Witness Post author

      Hi Maurice,

      Thank you very much for you kind comment and I certainly will be keep going exposing as many scams as humanly possible.

      The main flaw is people don’t do research. However, what I have come to learn that people who enter into such Ponzi/Pyramid Schemes like Virtual Bank Net do so understanding the risks. Since many lose then it is illegal in most if not all parts of the world. When too many lose money then local economies suffer thus creating hardship on many of its citizens.

      Thank you again Maurice.

  9. Debby

    Thanks for sharing what you’ve learned to try to warn others! I can’t believe how many scams there are out there and how much effort people put into scamming others – clearly too many people keep getting away with it.

    1. Scam Witness Post author

      Hi Debby,

      Thank you very much for reading my article on What Is Virtual Bank. They keep on getting away with it because there are too many scams being born online everyday that we just don’t have the real world resources to get them all. Also, scammers have gotten far too good at hiding their own online ID and they have it too easy to set up fake scamming sites to take others cash. Victims in such Ponzi Scheme Situations is people who are already down on their luck financially losing all they have in the slim hopes of changing their own lives.

      Unfortunately, whoever wins in this atrocious gamble is causing suffering to other people and these schemes have gone a long way in damaging the local economies where they reside.

      Thanks again Debby and I do understand how breath taking the scale of scams online can appear to those not in the know.



  10. Owain

    Any company that cannot provide details about who the owner is, where to contact the, and so on always sound dodgy to me. So I am not surprised to read that this one is as well.

    Unfortunately some people will not do their research and will dive right into things like this that will give them money. They are after a quick buck, which I can understand but you need to be realistic. In order to make money you need to work hard for it, nothing is easy in this world.

    As I see this is a ponzi scheme this is definitely no for me either. Thanks for reviewing this company. I will be sure to check out the rest of your site to see what else that I should be wary of.

    Thank you.

    1. Scam Witness Post author

      Hi Owain,

      One of my readers tipped me off that the app belonged to Virtual Bank Net and then I had to investigate them. Evidence points they owned many other scam sites which I already wrote about.

      Yeah, ponzi schemes are bad news to say the least. Thank you for stopping bye and hope to hear from you again.



  11. Rick

    I am just baffled by how much effort people put into scamming others. I guess there must be a lot of money in it or they wouldn’t waste their time. appreciate sites like yours that helps bring this information to light.

    1. Scam Witness Post author

      Hi Rick,

      Much appreciated Rick and yes there does appear to be fortunes in scamming people online. Someone comment I got a while back on another post said to me that JUST ONE SUCCESSFUL PONZI SCAM WEBSITE and the owners were able to buy houses and cars.

      Alas, karma can kick back at any time. I am finding more and more owners of such schemes are actually being arrested and sentenced for their crimes online – its not before their time that is for sure.

      Thanks again Rick for your comment.

  12. Carl

    Hi Phillip and thanks very much for bringing this to the light. People really need to watch out for these scammers out there for sure. I had not heard of VB but I am sure to stay away for it now. Thanks and I will be back to read more of your reviews.


    1. Scam Witness Post author

      Hi Carl,

      Yeah, VB started near mid 2017 and already have a ton of member complaints on their own social media groups. I was astonished as most of the members were just being ignored – THEY normally play them a long for much longer than this.

      Thanks Carl for popping bye and for your views as well 🙂 .

  13. Erin

    Good on you for exposing these evil people. I wonder how they sleep at night scamming innocent people out of their hard earned money. Unfortunately as the saying goes if it’s too good to be true it probably is. I’ll be sure to steer clear of these kinds of things. Thank you for the post!

    1. Scam Witness Post author

      Hi Erin,

      I am glad for sure you are avoiding Virtual Bank Net and their Virtual Bank App as well as they are the same people. They don’t care and I even seen one gentleman trying to get in many people on YouTube as well. They don’t seem to be paying out at the moment, or, the payments have now become sporadic telling me they are already running low on new sign ups.

      People have become too suspicious of them too quickly and it may be a crash for them coming very soon as it did with MLC247! Not nice.

      Thank you kindly once again Erin and I deeply appreciate the time you took to leave my article a comment.



  14. Curtis Henderson

    Good review. I will stay from all virtual currency anyway.
    I found several places in the post where there are several spaces between sentences and/or paragraphs that could probably be fixed.

    1. Scam Witness Post author

      Hi Curtis,

      Thanks for the advice and I will certainly take a good look to see where that can be improved. Much appreciated.



  15. Hammer11B

    Eye opening post, there are far to many scams around these days. Thank you for exposing one them and saving us a lot of trouble. I look forward to coming back for more advice.


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