Vellore: Residents of Poigai picketed Vellore collector R Nanthagoapl's car in front of the collectorate on Monday demanding action against a couple for duping crores of rupees by running a chit fund firm.

The villagers demanded the Collector to get back their money from S Siva, owner of Sri Jalagandeswarar Auto Finance and Chit and native of Poigai village. The collector, however, gave a piece of advise to the protesting villagers and left the place. He told the investors that not to fall prey to such chit fund and always invest their money in nationalised banks.

The Economic Offence Wing arrested Siva on charges of cheating hundreds of depositors to the tune of over 4 crores and also confiscated a car from him in February 2015, said the police.

The inquiry divulged that Siva had cheated nearly 5,000 people ranging from 50,000 to 5 lakh. The police registered a case under the provision of 120 (b), 406 and 420 of IPC read with 5 of the TN Protection of Interests of Depositors (In Financial Establishments) Act 1997.

The police filed a charge sheet in the court and the case is pending before the court. Siva jumped out on bail.

The investors pleaded the Collector to help them to get back their money. The Collector explained the investors to approach the court. In the meantime, the police intervened and dispersed the investors to make way for the collector to leave the place. The incident created a flutter for a while.