Former MD of education firm booked for cheating

Coimbatore: A former managing director of a city-based education company has been booked by the district crime branch (DCB) under the charges of forgery and cheating.An FIR was registered on May 23 against the former MD of Indian Public Schools Private Limited (IPSPL), Ashok Kumar, based on a complaint filed by one of the current directors of the company, Sivashankaran Pattanam Singaram.In his complaint, Singaram alleged that Ashok, who served as MD since the company's inception, was removed from the post on March 24 this year for acting against the interests of the company and causing financial losses. Following his removal, administrative powers were transferred to Singaram and another director Jayaram Balakrishnan.The new management, upon review of company records, reportedly discovered that Ashok had availed loans from a private bank and a non-banking financial company for the purchase of 45 buses. The loans were allegedly secured at inflated vehicle prices to generate undue profits. Ashok Kumar had used a forged board resolution extract, claiming that the loans were approved during a directors' meeting held on February 28, 2025, although no such meeting took place. The DCB has launched a search for Ashok Kumar.