TIRUPATTUR: Director of Elementary Education PA Naresh, on Tuesday, suspended Alangayam Block Education Officer C Chitra after she was arrested for alleged involvement in a fraudulent investment scheme linked to a private school in Dharmapuri district.
According to sources, R Munirathinam, the head of the school and a central figure in the alleged scam, advertised for investors in January 2016 when the institution was first established. He reportedly solicited around 100 individuals, each investing Rs 25 lakh in shares to fund the school’s operations.
Chitra, along with her husband Selvam and retired teacher Sampath from Natrampalli, acted as intermediaries, facilitating these investments. Over time, several investors contributed a total of Rs 12.23 crore, expecting returns. However, for the past seven years, Munirathinam failed to provide any profits or dividends, raising suspicions of fraud.
When investors confronted Munirathinam, he allegedly issued death threats. This prompted C Parthasarathi, one of the investors, to file a complaint with the Dharmapuri crime branch police. Following an investigation, the allegations were confirmed, leading to the arrest of Chitra, Selvam, and Sampath on September 17. Police are continuing their search for Munirathinam, who remains at large.