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.

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