Sergei Mavrodi, the founder of MMM Ponzi scheme, has died of a heart attack, according to Russia media.
it was reported that the 62-year-old Russian businessman was rushed to a hospital late on Sunday, March 25, with pain in his chest and died several hours later.
The MMM scheme had crashed in Nigeria in December 2016, with many participants reportedly losing huge losses.
Mavrodi’s MMM had deprived millions of Russians of their savings in the 1990s.
His financial pyramid was a typical Ponzi scheme in which existing investors receive their profits from later investors.
He promised returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors.
But when the number of new investors declined, the scheme collapsed, resulting in heavy losses for at least 10 million people, according to local media.
From 2011 to 2016, Mavrodi launched the MMM scheme in India, China, South Africa, Zimbabwe and Nigeria.
