'I have no money to pay rent': Jailed Kerala billionaire Atlas Ramachandran's wife

It has been 21 months since M M Ramachandran, popularly known as Atlas Ramachandran, was jailed and none of the efforts to secure his release seems to have yielded any results. 

Indira Ramachandran, his wife, had been trying all ways possible, to get her husband out. "His health is deteriorating, and last week they took him to the hospital in a wheelchair," Indira said.

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. 

Since then, his wife, a homemaker who never got involved in the business activities of Atlas Group, had been continuously trying to find any means to get him out of jail. After almost two years of constant fight, the 68-year-old is also tired. "I too have health issues, and at times I feel lonely and helpless," she said. 

She opened about her desperate fight in an interview with Khaleej Times. 

Indira Ramachandran (courtesy Khaleej Times)

"I am also living in constant fear as some banks have initiated court proceedings against me. There is no steady income, and I am struggling to pay rent. But I won't give up till my husband walks out of jail as a free man," Indira who is staying at an apartment in Dubai said. 

The issues began when banks approached court after cheques worth Dh34 million issued by Atlas Group bounced. Dubai police arrested him on August 23, 2015. "I thought he will be back soon and had no clue that my life's biggest tragedy was unfolding," she said. 

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 under police custody over financial issues, but not related to Atlas jewellery. 

"Banks started to threaten me with arrest. Some persons approached me and asked for millions to help. With my husband and daughter in jail and at a place with no one to help I was broken, mentally and physically. I did not know whom to call or what to do," said Indira. 

"Even our employees did not spare me,  and one day dozens of them walked into our apartment and refused to leave until the dues were cleared. Many of them played foul knowing that I had no idea about their dues. Diamonds worth Dh5 million was sold for Dh1.5 million to settle their payment," she said. 

The real issue was that she could not liquidate the assets as Ramachandran was in jail. Atlas Group, which had an annual turnover of Dh3.5 billion, had to down the shutters of all 19 showrooms in UAE. The business in other countries like India, Muscat, Doha, Saudi Arabia and Kuwait was also affected. 

Indira, however, managed to sell two hospitals in Muscat for Dh35 million and settled the bank debts temporarily. After several rounds of negotiation, 19 of the 22 banks agreed to a standstill agreement and negotiated a new repayment deal. Only three more banks are refusing to budge, and she is trying all ways possible to get them agree so that Ramachandran can be released. 

"Ramachandran is an honest person. He was able to rebuild his business empire in Dubai even after losing everything during Kuwait war in 1990. He had immense goodwill in the market for past three decades. However, it is not possible for him to make negotiations or to liquidate our assets from jail. I wish the authorities release him under humanitarian consideration," Indira said.