Connect with us

News

MMM founder is dead, Sergei Mavrodi dies of heart attack

Published

on

Sergei Mavrodi dies of heart attack

Russian businessman tycoon Sergei Mavrodi, whose MMM ponzi scheme deprived millions of Russians of their hard earned savings in the 1990s, has died of a heart attack, according to a Russian media outlet. MMM’s history cannot be told in Nigeria without mentioning the lives lost due to the scheme’s break down in December, 2016.

Reports has it that the 62-year-old Sergei was rushed to the hospital late on March 25 with a severe pain in his chest and died several hours later in the hospital.

Mavrodi’s MMM financial pyramid was built on a typical Ponzi scheme in which earlier investors receive their profits from subsequent referred investors. Mavrodi promised returns of 20 percent to 75 percent a month, as well as giveaway lotteries and bonuses for the smart investors. The business was booming until it occuree to many that they’ve been played.

As soon as the rate of new clients dropped , the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leading them to abject destitute.

In 1994, Sergei was elected as a lawmaker in Russia, 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 four and half years in a penal colony.

In 2011, Sergei launched another pyramid scheme called MMM-2011, calling on not satisfied investors to purchase so-called Mavro currency units in a bid to get rid of the “unfair” financial system. 15 months later, Mavrodi halted the project.

From 2011-16, Mavrodi launched Ponzi schemes under the MMM brand in various economically serious countries like India, China, South Africa, Zimbabwe, and Nigeria.

In many of those countries, Mavrodi’s operations were subsequently shut down or suspended one of which was in Nigeria.

Stories of Nigerians who lost their lives or dropped to zero level made the news when MMM crashed in Nigeria.

News

Driver lands in court after landing a heavy punch on his boss

Published

on

By

A 28-year-old driver, Kingsley Edem, was arraigned before the Ikeja Magistrates’ Court in Lagos state yesterday March 20th, for landing a punch on his boss in the mouth during an argument.

Driver lands in court after landing a heavy punch on his boss

According to police prosecutor, Sgt. Ishola Samuel, Edem who resides at No.14, Adetuberu St., Olowora, Lagos, is Femi Badmus’s driver.

Badmus had reported to the police that Edem punched him several times in the mouth during a disagreement in his home on No 19 Ogunbeye St., Olowora, Lagos on March 9th.

The police prosecutor said, the offence contravenes the provisions of Section 173 of the revised Criminal Law of Lagos State, 2015. Section 173 which stipulates a three-year jail term for any offender if found guilty.

Magistrate A. I. Abina, admitted Edem to bail in the sum of N10,000 with one surety in like sum.

Magistrate Abina ordered that the surety must be gainfully employed and should provide proof of two years’ tax payment to the Lagos State Government.

What raged between Edem and his boss, Badmus wasn’t made known but
Magistrate Abina adjourned the case until April 8 for mention.

Continue Reading

News

Chinese father sells his baby daughter to pay off gambling debts

Published

on

By

A Chinese father has been arrested for selling his 1-year-old daughter for £6,800 to pay off his gambling debts.

Chinese father sells his baby daughter to pay off gambling debts

Jiang, sold the one-year-old to a couple after owing more than 60,000 Yuan (£6,798), according to reports in China.

Jiang told his wife that he was taking their daughter to stay with his mother. He flew the child more than 1,150 miles away from their home in Guiyang, Guizhou province, last November.

Wang, his wife grew concerned after his failure to return three months later but repeatedly postponed their return.

In February, 2019, she checked her husband’s phone and found shocking conversations between her husband and her daughter’s buyers.

Wang went to her husband’s mother in Zunyi city, about 87 miles away, who informed her that her son and granddaughter left her weeks ago.

She immediately contacted police and they tracked Jiang down to a hotel in Guiyang last month.

When he was caught, Jiang admitted to owing a huge gambling debt and decided to take the drastic measure after seeing online adverts for child adoption.

Chinese father sells his baby daughter to pay off gambling debts

How Jiang Planned on Selling his daughter

Jiang lied to the buyers – a couple in Zhoushan, Zhejiang province – that he was a single father who could no longer afford to care for the girl. He went further to claim that his own parents were dead so he had nowhere else to turn.

Fortunately, the child was located by the police last Friday and reunited with her mum.

Jiang has been arrested and charged with suspicion of human trafficking, according to the police.

Continue Reading
Advertisement

Trending