Russian businessman, Sergei Panteleevich Mavrodi, whose pyramid scheme deprived millions, including Nigerians who lost billions, of their savings has died, aged 62.

According to reports by Russian media, Mavrodi was rushed to the hospital March 25 and died hours later.

Described as a Russian criminal and a former deputy of the State Duma, Mavrodi founded the МММ series of pyramid schemes.

MMM stands for the first letters of the founders’ surnames – Sergei Mavrodi, Olga Melnikova, and Vyacheslav Mavrodi.

According to various estimates, the number of participants of the MMM scheme has reached 10-15 million people.

In 2011, Mavrodi launched a 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 stopped 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.

The scheme perceived as money-spinning actually pushed some Nigerians into suicide when they understood that the scheme was just as it has been described – a PONZI scheme. But, as someone wrote: “We never learn from our experiences“.

The fraud spread so wide to the extent that Apostle Paul Suleiman was also affected; not forgetting the claims by singer, MC Galaxy – who said he lost millions to the scheme.