Reports said the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.
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.
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 destitute.
In 1994, Mavrodi was elected as a lawmaker, a decision he later said was to ensure he received immunity from prosecution. In 1996, he lost his parliamentary mandate.
In 2007, a Moscow court found him guilty of financial fraud and sentenced him to 4 1/2 years in a penal colony.
In 2011, Mavrodi launched another pyramid scheme called MMM-2011, calling on investors to purchase so-called Mavro currency units in a bid to get rid of the “unfair” financial system. Some 15 months later, Mavrodi halted the project.
From 2011-16, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.
In many of those countries, Mavrodi’s operations were subsequently shut down or suspended.
Harrysong Hospitalized After Food Poisoning In Ghana (Video)
Nigeria singer, Harrysong has been hospitalized in Ghana after eating Ghanaian food. It was confirmed by the doctor that the...
Lady Permanently Tattoos Runtown’s Name On Her Body (Video)
We all know celebrities have a cult following of dedicated super fans who go all out for them, love and...
Davido spends N980,000 eating 24-karat gold coated meat (Photos+Videos)
Last night, Nigerian singer made series of videos of himself ordering and eating a 24-carat gold steak in the US....
Patoranking talks about music&style as he covers BlackNBold magazine
In celebration of the highly anticipated Wilmer album, Nigerian reggae-dancehall singer, Patoranking covers the May edition of Uk/Nigerian, black inspired...
Regina Daniels Celebrates 4 Million Instagram Followers In Style
Actress Regina Daniels is celebrating 4 million Instagram followers. To celebrate, she shared some stunning photos posing inside her Ferari...
Real owner of home blasts Blessing Okoro for claiming his house
Blessing Okoro is being attacked by the alleged real owner of the home she claims is her own. A few days...
See what stubborn husband did after company transferred wife to America
A married woman has taken to social media to narrate her ordeal in the hands of her stubborn husband who...
Muslim man’s exceptional birthday wish to wife earns him praise and criticisms
A Muslim man from northern Nigeria wished his wife a happy birthday with words that were beautiful and unique, and...
Wife Exposes Pastor Husband For Sleeping With Men
A woman has written to Ideal Home, a home affairs programme on 3FM in Accra, revealing how her husband has...
Thief whipped, served food and made to clear gutter in Enugu
A thief was caught, stripped, beaten, even fed and told to help desilt the gutter. Jungle justice you say, but...
- Viral News2 days ago
Crowd screams as lady heals crippled man on the road in Akure (Video)
- Entertainment News1 day ago
Iyabo Ojo’s daughter, Priscilla speaks on her virginity status
- News2 days ago
Panic as US immigration stamps No EOS / AOS on Nigerian Passport
- Celebrity Gist13 hours ago
Don Jazzy finally speaks on being richer than Davido
- Celebrity Gist15 hours ago
Nollywood actor Saka regrets as he celebrates his 16th wedding anniversary
- Celebrity Gist2 days ago
Zlatan Ibile recounts how EFCC arrested them at his house (Video)
- Celebrity Gist2 days ago
Bobrisky and his movie under investigation by FG board panels and may ban it
- Viral News1 day ago
EFCC reacts as lady fights against her Yahoo boy neighbours (Video)