Sergei Panteleevich Mavrodi, the founder of the MMM ponzi scheme which started in November 2015. It guaranteed returns of a whopping 30 percent per month on payments, and for a while it worked, so word spread quickly.
Ever since it began, it kept up to its promise of guaranteed returns of 30 percent per month on payments for some time.
Since it was working, it spread across Nigeria quickly and the number of Nigerians who signed up to the MMM ponzi scheme between February and July 2016, grew up from 100,000 to over Two million people.
However, the Central Bank of Nigeria and the Economic and Financial Crimes Commission, EFCC, launched investigations into the scheme, and warned Nigerians to stop investing their money. Many didn’t listen to the warnings but kept investing into the scheme, while more kept joining.
Unexpectedly, in December 2016, the MMM ponzi scheme folded up it operations when many people are thinking of how they will withdraw their funds and use it for Christmas holidays which was later impossible. News came later that the company was taking a short break and they might return back as quick as possible and be better than before.
But that was a nothing but a lie, because they never returned, and that left many people who put their money into the scheme in tears.
Ever since then, nobody heard anything about the founder of the MMM ponzi scheme, until March 25, when Sergei Panteleevich Mavrodi died of heart attack in a hospital in Moscow at the age of 63 years old.
Many people in Nigeria especially those who are defrauded, said that the heart attack that led to his death may have been caused as a result of what he did to many people, defrauding them and leaving them in sorrow.