World MMM founder, a Russian company that ran one of the world’s largest Ponzi scheme, Sergei Mavrodi, has died of heart attack in Moscow, according to Russian state news agency.
Reports said, he was rushed to the hospital late on March 25 with pain in his chest and died several hours later in Moscow.
Mavrodi’s MMM financial pyramid, was a typical ponzi scheme, in which earlier investors receive their profits from subsequent investors.
Mavrodi promised returns of 20 percent to 75 percent a month, as well as, lotteries and bonuses for investors.
According to various estimates, the number of victims of the MMM was about 10-15 million people in China, Zimbabwe, South Africa and Nigeria.
In 2015, the ponzi scheme MMM, started in Nigeria when it launched a new website for Nigerian audience, which signed up about 2.4 million persons as at 2016.
Unfortunately, after a year, MMM announced the freezing of all members’ accounts.