Dubai based Indian businessman Atlas Ramachandran released from Dubai jail

Agencies
Saturday, June 9, 2018

Prominent Keralite jeweller M M Ramachandran, widely known as Atlas Ramachandran, has finally been released from a UAE jail. A Dubai court had sentenced Ramachandran to three years in jail after his checks to the tune of Dh 3.40 crore, or about Rs 61.2 crore, bounced. He had also defaulted on repaying a Rs 1,000 crore loan. Ramachandran has been in jail since August, 2015.

Earlier, external affairs minsiter Sushma Swaraj had intervened, seeking the popular jeweller's release. The Centre then took the initiative. As details of Ramachandran's assets were presented, the banks agreed to withdraw their complaints.

Ramachandran, a native of Thrissur- Kerala, had also produced a number of films that were celebrated in Malayalam cinema, including Vaishali and Vasthu Hara. In 2010, he directed a movie: Holidays. He had also ventured into real estate business.

Atlas Groups had its first showroom in Kuwait in 1981. He started his career with Commercial Bank of Kuwait and later turned in to Jewellery business in Kuwait.

The group reportedly had 50 showrooms in the United Arab Emirates Saudi Arabia, Qatar and India. Reports said the group's turnover was Dh 3.5 billion at one point of time.


Express your comment on this article

 
Murali
Posted on Tuesday, June 12, 2018

I fail to understand why these rich Indian businessmen in India and abroad resort to such financial frauds and tarnish India''s reputation globally. Cheating has becoming a part of our businessmen DNA, which is very regretful.

What is the use of having billions of rupees when you are convicted and put in jail. The greed for more money is driving them to forget basic business ethics, morals and values.

Master
Posted on Sunday, June 10, 2018

Oic
Great....2019 funding person
So he will come out....n join....

vnv
Posted on Sunday, June 10, 2018

Very glad to hear the release of Atlas Ramachandran. I wish he would be able to sort out his problems and return back as a powerful businessman in the middle east. I know him very well as a honest & genuine businessman cum banker. In spite of his problems he stood back and faced the law and is no coward.
Best wishes to him and his family.

Phani
Posted on Sunday, June 10, 2018

Is he the owner of Atlas Jewellery shops in Kuwait even now? I remember seeing one or two shops in Kuwait. If so, how did he manage to run these from Jail? Anyways, good to know his release news.

Vijayan Warrier
Posted on Saturday, June 9, 2018

Very happy to hear that Shri.M.M. Ramachandran also known as Atlas Ramachandran has been released. I am sure that his business will recover its past glory as he was always a very genuine person at heart and very human. I wish him a long and healthy life and also to his family as well.

Indian
Posted on Saturday, June 9, 2018

Haha..all those showrooms n show n popularity on borrowed money..what a piece of crap...again BJP helping to free a loan shark....a la vijay mailya n nirav modi...means this guy will again contribute crores to the BJP election campaign for 2019...what an idea SIRJI

Sathish
Posted on Saturday, June 9, 2018

Happy news

deepak
Posted on Saturday, June 9, 2018

Oh great news of his release., Yes he was working for commercial bank of kuwait and made his carrier in Jewellery business. I know he has shop in souk al watiya. I never knew he was in jail .

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