BLOOMINGTON, Ill. — A Twin City real estate developer, Rathnakumar Ramachandran, 51, has been arrested and charged with allegedly embezzling up to $500,000 from a local language academy over four years.
Ramachandran faces charges of theft greater than $100,000 and less than $500,000, a Class 1 felony, as well as Class 2 felony theft. If convicted, he could face 4 to 15 years in prison and fines of up to $25,000.
The alleged theft involved the Dr. Abdul Kalam Tamil Palli, a nonprofit school offering Tamil language classes for children ages 3 to 10. Tamil is widely spoken in India, Sri Lanka, Singapore, and Malaysia. Public filings show the school’s annual gross receipts are under $50,000.
A grand jury returned an indictment on Jan. 28. Ramachandran was arrested Thursday and released from McLean County custody, with his next court date set for Feb. 13.
Ramachandran is a longtime Bloomington resident and housing developer. His recent projects include a planned 58-unit townhome development in southwest Bloomington, which was expected to break ground this summer.
