Sergei Mavrodi, an eccentric Russian mathematician who founded the notorious MMM pyramid or Ponzi scheme in the early 1990s that swindled millions out of their savings, has died, his assistant said Monday.

Mavrodi, whose bespectacled face once featured on vouchers issued by the grandiose scheme, died at age 62, his assistant Alexander Vlasov told Moskva news agency.

The fraudster was found unconscious at a public transport stop, Interfax news agency reported, citing a source.

According to Russia media reports, Mavrodi was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

The news of his death took some Nigerians by surprise why many others simply posted hilarious comments on Twitter leading to the trend of #SergeyMavrodi. A few others, however, recounted their ordeal after investing in the Ponzi scheme before it eventually crashed in Nigeria.

Mavrodi’s Ponzi schemes under the MMM in Nigeria generated huge controversies, especially in the year 2016 when the scheme reportedly crashed.

The failed operations of the scheme developed into deeper controversies with some victims attempting suicide.

This situation got the attention of Nigeria’s House of Representatives initiating a process to probe the operations of the Ponzi scheme.

Some of the top reactions from Nigerians below:


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