According to reports reaching Lailasnews.com, The popular Ponzi scheme, Mavrodi Mundial Moneybox (MMM), has shut down it System and operations globally after the death of its founder, Sergey Mavrodi. Mavrodi launched his controversial scheme in 2011 and crashed in Nigeria in December 2016; with millions of Naira belonging to Nigerians still missing.

The Ponzi scheme in a Statement on its official website on Friday said they were shutting down due to the death of the founder, Sergey Mavrodi, who died on March 26, 2018.

The statement reads,

‘Dear participants, after much deliberation, we have made the conclusion that continuing the System operation, without our leader and ideological inspire, is impossible and makes no sense. We all carried out the tasks he assigned to us since we had no doubt in his genius and rightness of the path he had chosen. We are firmly aware of the fact that none of us has a full view of his conception’s profoundness and sequence of all the actions to achieve a final goal, declared in the “MMM’s Ideology”.

”Sergey Mavrodi’s broadmindedness scale is unprecedented. Therefore any attempts to continue the System operation without him are bound to fail. We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts.

”In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.

”We also remind (as a matter of form) that all initially were fully aware of the risks and read the WARNING and confirmed that by checking the relevant box when registering.

”Hoping for your understanding, Administration.”

A check on the site shows that the domain https://mmmoffice.com/ is no longer active.

More than three million Nigerians lost huge investment in the MMM scheme after it shut down in December 2016.

The scheme which promised 30% return on investment gained popularity in Nigeria after the country entered its worst recession in 24 years.

On March 25, 2018, the founder of MMM pyramid scheme, Sergei Mavrodi, died of a heart attack, according to Russia media.

The 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.