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Public prosecutors on Thursday arrested five people related to Meijo Gakuin Educational Corp. on suspicion of embezzlement, including Mieko Ohashi, a 61-year-old former president of the school operator in Osaka Prefecture.

The Osaka prosecutors have not clarified whether the five have admitted to the allegations.

Schools operated by Meijo Gakuin include Meijo Gakuin High School and Osaka University of Tourism.

The five are suspected of embezzling ¥2.1 billion of deposit money that Meijo Gakuin gained from the sale of a plot of land next to the high school around July 2017.

They allegedly sent the money to the accounts of companies for which four of the suspects, excluding Ohashi, serve as board members.

The school operator said in July this year that Ohashi may have used ¥100 million worth of Meijo Gakuin’s funds to buy cryptocurrency.

In October, Osaka prosecutors raided related locations, including the school operator’s headquarters in the town of Kumatori.

Meijo Gakuin received a state subsidy of some ¥135 million in fiscal 2018.

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