COIMBATORE: More than 40 people assembled at the City Police Commissioner’s office on Monday demanding action against the owner of an online forex trading company. They alleged that Sivakumar, the owner, had duped them of huge amount of money.

According to sources, Sivakumar’s company White Collar Association had collected money from several people, with the promise of good returns.

The company, that collected upto Rs. 80 crores in the last two years, was involved in online money trading and stock market dealings. Investors were asked to invest money starting from Rs. 15,000 through agents. “People were promised that their money would be invested in online trading and returned in double through weekly payments,” sources said.

The investors were grouped as per the amount of investment. “Initially the returns were paid regularly. In fact, those who invested more than Rs. 60,000 were selected through draws and taken on a holiday too,” they said.

Over a period of time, the number of investors and the money multiplied. Around 6000 people were enrolled as members of the company.

However, in February last when the depositors did not receive the weekly payment, they approached their agents who said that Sivakumar had met with an accident and been hospitalised. “They said the money would be paid soon,” an investor said.

“But even after several weeks none of us, including the agents, received the payment. When we went to the office, Deepa, an employee said their owner had been kidnapped from the hospital. She even said that all over money, including the principle amount, would be given back once Sivakumar was traced,” he added.

As days passed by even Deepa too absconded. Efforts by customers (several were even from Andhra Pradesh) to reach both Deepa and Sivakumar proved futile.

Several investors from Karur filed a complaint with the District Collector seeking his intervention.

“I invested all my savings in the company. Now everything is gone. I don’t know how I will face my parents now. We just hope that the Commissioner will help us in getting our money back,” says Ilakiya (27) house wife.

As police traced both Sivakumar and Deepa and brought them to city, people gathered in the Commissionerate demanding action against them and seeking the authorities’ help in getting back their money.