A retired principal has been apprehended by a team of officers from the Public Complaints Investigation Division of the Criminal Investigations Department for an alleged fraudulent scheme that saw him obtaining over Rs. 4 million through a loan system dedicated for teachers. The 69-year-old retired principal, residing in the Hindagala area, has been placed under arrest on suspicion of orchestrating this intricate financial fraud.

According to the preliminary investigations, it is alleged that the suspect principal masterminded an elaborate scheme that involved the creation of fraudulent documents. These counterfeit documents were then purportedly used to obtain funds from two bank branches on an astonishing 26 occasions.

The loan system, originally established to provide financial assistance to teachers, was allegedly exploited by the retired principal, who, through the manipulation of documentation, secured a substantial sum of money amounting to over Rs. 4 million.