Police and trading standards officers are investigating after complaints from holiday home owners and customers about a Devon-based letting agency.
Brixham Holiday Homes has been acting as an agent for about 40 homes in Torbay, south Devon.
But the office in Torbay has been vacated and there is no-one answering calls, while homeowners claim they are owed for months of rent.
Tourism officials are trying to find alternative accommodation for victims.
'Absolutely horrified'
Julie Ridd, who owns three holiday homes which are rented through the company, told BBC News she was owed "several thousand pounds".
She said: "We haven't had any money for September or October. I'm absolutely horrified. My husband is on a pension and we need the money."
The company website is still online but its online booking forms come up blank.
The phones switch to an answering machine and the office in Briseham Road, Brixham, is closed. No-one was available for comment.
Fees waived
A spokesman for Devon and Cornwall Police said it had received four complaints from home owners who said they were owed money.
The force is investigating with trading standards officials from Torbay Council.
A Torbay Council spokesman said it had calls from customers who said they had not been able to get a reply from the company by letter, phone or e-mail about bookings.
"If customers come to our tourist board we will do all we can to help them by finding them accommodation and waiving our booking fees."
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