MMM Scam: Nigeria reacts as founder, Sergei Mavrodi, dies of heart attack

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 Moskovsky Komsomolets, a Moscow-based newspaper, 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% to 75% 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.

On the Facebook page of the group, one Dave Aguode threatened to ban any member spreading the news of the death.

He says: “hello, everyone, please disregard any news about the death of the MMM founder until you see it in your POs. MMM is working. For now, the planned launch of MMM crypto-currency will pay old mavro.

Join the telegram below to start getting information about the planned MMM crypto and more.

From now, anybody who spreads negative information on MMM will be banned here.”

But another member, Prince Preye, however, lamented that Mavrodi died while his N.1m investment was still trapped in the Ponzi scheme.

On his own part, one Oene Rosehaniel Alapaankeil remarked that Mavrodi’s death was long overdue as “our money died long ago.”

Who cares if he dies? After all, our money died long ago, so it is his turn,” Alapaankeil says.

Another participant, Samuel Alozie, believed Nigerians’ voodoo killed him.

According to him, “Nigerian juju has caught up with him. You died well. In your next life, you will not come to Nigeria to do business. You packed people’s money and ran away. You will have no rest anywhere you go.”

A consultant, Mr Kenneth Eze, in response to a post by Punch, said the death would have affected more people if the scheme was still running well before the death.

He opines: “the scheme was, to say the least, an informal one and since there is no valid contract in place, the depositors are left holding onto thin air. Those who would have suffered fatalities as a result of the failure of this scheme have already done so. So, there wouldn’t be much reaction to his death. It would have been worse if he died while the scheme was flourishing.”

On Twitter, hilarious comments trailed Mavrodi’s death.

One PostMasterþ @Ossai  said, “Sergei Mavrodi, founder of MMM, has been scamming people all over the world without repercussions. Just small money he took in Nigeria last year, the dude is dead now.”

Another user, FCN Saufus, þ @realFCN says, “So it took Benin witches over 400 days to fly to Moscow and visit Sergei Mavrodi of MMM? They should have entered a plane and not the usual bird mode, nonsense.”

One Sochyma @Sochima27, tweets: “Sergei Mavrodi is afraid of Nigeria coming to Russia for World Cup this June. He will resurrect in August after the World Cup.”

Another user, Jokanola B.J @BjJokanola, offers this piece of advice: “MMM founder Sergei Mavrodi is dead. If your money is still hanging with MMM, kindly go to the spirit world and query the founder.”



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