Russian businessman, Sergei Mavrodi, whose MMM pyramid scheme deprived millions of Russians of their savings in the 1990s, has died of a heart attack.
Reports said the 62-year-old was rushed to a hospital late on March 25, following complaints of chest pain. He died several hours later.
According to a source, Mavrodi complained of weakness and pain in the heart and was hospitalised.
“Mavrodi was hospitalised in the 67th city hospital. He could not be saved – he died this morning,” the paper reported.
Mavrodi promised returns of 20 per cent to 75 per cent a month, as well as lotteries and bonuses for investors.
As soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them in destitution.
The ponzi scheme came to Nigeria in 2016 and many people rushed at it, made gains and invited their family members and friends who invested millions of naira.
The scheme went on a one-month break in December 2016 before its eventual collapse with the funds of many Nigerians trapped in it.
While some Nigerians, who lost money to the ponzi scheme, described the news of Mavrodi’s death as fake, others greeted the news with excitement.