The sports category has moved to a new website.
ADVERTISEMENT

MMM founder dies of heart attack at 62

He was rushed to a city hospital in the early hours of Monday before he died in the morning.

According to a report by  Moscow-based daily newspaper Moskovskij Komsomolets, the former deputy of the State Duma died in the Russian capital, Moscow, after he felt weakness and pain in the chest area.

He was reportedly rushed to a city hospital in the early hours of Monday before he died in the morning.

The report read, "The emergency team has failed to save his life. He died this morning."

ADVERTISEMENT

Mavrodi's MMM

In 2007, a Moscow court found Mavrodi guilty of defrauding 10,000 investors out of $4.3 million, and sentenced him to four and a half years in a penal colony and also fined him $390.

Starting from 2011, Mavrodi launched a series of MMM schemes which he described as a pyramid where people interact with each other and give each other money. According to him, his aim was to destroy the current financial system, which he considers unfair.

While the scheme promised participants astronomical returns on their 'investments' MMM is known for always crashing and leaving its participants high and dry.

After first freezing the operation and denying payouts in 2012, Mavrodi launched the scheme in several countries including India, China, South Africa, Zimbabwe and Nigeria.

ADVERTISEMENT

According to a 2017 report by the Central Bank of Nigeria(CBN), Nigerians lost N11.9 billion to Mavrodi's MMM scheme which gained widespread acceptance across the country in the latter parts of 2016.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Makadara Magistrate Monica Kivuti dies in hospital after gun attack

Makadara Magistrate Monica Kivuti dies in hospital after gun attack

DP Gachagua celebrates success of project that saw him receive threats

DP Gachagua celebrates success of project that saw him receive threats

Suspension of foreign trips & other directives given to Azimio MPs as Finance Bill 2024 battle shapes up

Suspension of foreign trips & other directives given to Azimio MPs as Finance Bill 2024 battle shapes up

Gachagua explains sudden shift in political stand that has rattled Ruto's men

Gachagua explains sudden shift in political stand that has rattled Ruto's men

Details of Ambassador Daniel Koikai's work at the UN and several other countries

Details of Ambassador Daniel Koikai's work at the UN and several other countries

Ichung'wa learns tough lesson after etiquette lapse while meeting Ruto [Video]

Ichung'wa learns tough lesson after etiquette lapse while meeting Ruto [Video]

CS Kindiki announces Eid al-Adha public holiday

CS Kindiki announces Eid al-Adha public holiday

Policewoman burns her policeman husband to death over gambling addiction

Policewoman burns her policeman husband to death over gambling addiction

Details of senior cop gunned down at Makadara Law Courts & CJ Koome's reaction

Details of senior cop gunned down at Makadara Law Courts & CJ Koome's reaction

ADVERTISEMENT