The central, brilliant twist of "Diabolique" is the revelation that Michel Delassalle was never murdered. The entire drowning was a meticulously staged fake-out, orchestrated by Michel and his mistress, Nicole Horner. Their true plan was not for the two women to kill the man, but for the two lovers to murder the wife, Christina. Knowing about Christina's severe heart condition, they concocted the elaborate 'haunting' to literally frighten her to death.
Every strange event that torments Christina is part of their cruel design. The body disappears from the pool because Michel simply got out and walked away. The suit is returned from the dry cleaner because he was never dead. The boy, Moinet, really did see Michel alive. The 'ghostly' face in the school photograph is just Michel. The climax reveals the full extent of their diabolical plan: as a terrified Christina flees through the dark school, she is confronted by Michel, who rises from a full bathtub wearing white contact lenses to appear dead. The shock induces the fatal heart attack they intended all along. In the immediate aftermath, as Michel and Nicole embrace and congratulate each other on their perfect crime, they are overheard and caught by the quiet Inspector Fichet, who has been observing all along, ensuring their plot ultimately fails.
A final layer of ambiguity is added when the student Moinet claims Christina gave him his slingshot back after she had died, leaving the audience to ponder whether her spirit has returned or if it is merely a child's fantasy.