All 26 offices, including the head office on West High Court road, have been closed since Thursday. Hundreds of investors who stormed the head office on Friday morning had only disappointment in store.

The company, reported to be involved in production of mineral water, real estate business and banking in Uttar Pradesh (UP), had opened offices all over Vidarbha two years back and limited its business interests in the region to banking. In Nagpur alone, the company operated five offices. The company offered lucrative interest rates on fixed deposits and piggy bank deposits, attracting thousands of investors in the region, it is learnt.

During its early days of operation, the company even offered 80 per cent loans on the fixed deposits, while the repayment of piggy bank deposits were also made on attractive rates. Thecompany slowly expanded its network in the region and appointed scores of agents to collect deposits.

A majority of the investors had not even met the company officials till now as most of the operations were done through its agents, it is learnt. Since the last few months, the company was reportedly reeling under a financial crisis and several of its refund cheques were dishonoured, investors alleged. On Wednesday, the company closed its offices in the city on the ground that a close relative of one of the company's directors had passed away. Though the reason was hard to believe, agents waited and arrived at the head office Friday morning, when they found it locked.

Soon, news of the company's closure spread like wild fire and investors started rushing to the various offices of Galaxy Associates. All of them were closed.