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TBILISI -- A Georgian investment company Thursday closed its doors to thousands of investors as the company's president and up to $10 million disappeared and its vice president was arrested, Interior Ministry officials said.
A crowd of about 300 angry investors in the firm Achi blocked the road near the parliament building in central Tbilisi demanding an official investigation.
In a case with strong parallels to the scandal surrounding the Russian MMM investment fund, Achi promised 20 percent monthly returns on hard-currency deposits.
It also issued credits, taking expensive jewelery and apartments as collateral.
Like Russia's MMM, Achi relied on advertisements on radio, television and in newspapers to propagate its message of easy money among consumers little used to securities trading.
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