CHENNAI: The police on Friday arrested Venkatesan (50), marketing head at Southern Academy of Maritime Studies (SAMS), for allegedly defrauding the institute of Rs 35 lakh.
The administrative office of the college is in Mylapore while the campus functions out of Periyapalayam in Tiruvallur district. During an audit, it was found that around Rs 35 lakh collected as fee from students was missing from the accounts.
It turns out Venkatesan, in collusion with Kamini, an accountant in the administrative office, conspired to defraud around Rs 35 lakh in tuition fees paid by students.
The duo had transferred the money to their respective bank accounts, investigations revealed. Based on a complaint, Royapettah police filed a case and after investigations, arrested Venkatesan. Search is on for Kamini.