MMM founder, Sergei Mavrodi, dies of heart attack

Sergei Mavrodi, the Russian businessman who started MMM pyramid scheme has died. Mavrodi according to Russia media died of a heart attack.

Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.

In many of these countries, Mavrodi’s operations were subsequently shut down or suspended.

The ponzi scheme which gained popularity in Nigeria in 2016 promised to pay participants 30 per cent return on investment every 30 days.

Despite various warnings by the Federal Government and its financial regulators, many Nigerians adamantly went on to participate in MMM, and many lost their investment afterwards.

According to reports, the 62-year-old was rushed to the hospital late on March 25, 2018 in Moscow. He complained of pain in his chest and died some hours later.