He was imprisoned after a check case, where he had trued to launder vast sums of money, the bank filed claims against him for his failure to repay the amount.
Jewellery owner, M M Ramachandran, popularly known as Atlas Ramachandran, 75, who has been in Dubai jail for the last three years, has been reportedly freed. He will not be allowed to travel outside the UAE.
He was imprisoned after a check case, where he had trued to launder vast sums of money, the bank filed claims against him for his failure to repay the amount. The issues began when banks approached the court after cheques worth Dh34 million issued by Atlas Group bounced. Dubai police arrested him on August 23, 2015.
The 75-year-old banker-turned-jeweller was jailed after Atlas Group failed to repay Dh500 million, a collective loan from 15 different banks, including Bank of Baroda and State Bank of India. Dubai Misdemeanour Court awarded him three years jail in November 2015.
There was utter chaos after news of his arrest spread as more banks pressed charges against him. The gold retail tycoon was soon embroiled in a legal deadlock, and within days his daughter and son-in-law too were in police custody over financial issues, but not related to Atlas jewellery. The court had also ordered imprisonment of his daughter Manju and son-in-law Arun.
Though Manju was released on stringent bail conditions, both Ramachandran and Arun were undergoing imprisonment. His wife Indira had allegedly been trying to free him during the past two years by pledging all his properties.
Some debts were settled by selling the jewellery from his shops and by selling other products owned by his family. Indira, however, managed to sell two hospitals in Muscat for Dh35 million and settled the bank debts temporarily. They also paid the money of 200 employees.
Mr Ramachandran had bounced a cheque worth Dh34 million and for that Dubai police had arrested him. It is heard that his debt has reached Dh600 million now. The release was facilitated after the individual who lent him money mediated with the banks to reach a pact on the cases against Ramachandran.
The Indian government had also intervened in the case. According to reports, the settlement with the banks envisages entrusting the total assets with the consortium of the banks and allowing it to repay the debts.