DUBAI: In a cheque bounce case, well-known jewellery owner Atlas Ramachandran had got a three-year jail term. The verdict was given by a Dubai court. Thrissur native Ramachandran was recently taken in custody by Dubai police after cheques submitted by him towards loan payment could not be honoured and returned.
The Atlas group had taken 550,0000 Dirham (Rs 1000 crore) as loan from over 15 banks. In Dubai he has six cases against him in connection with bouncing of cheques to the tune of Five crore Dirham
Among that, one is the cheque for 3.4 crore Dirham. Besides UAE banks he had also taken loan from Dubai branches of Indian Bank of Baroda. Reports said the Atlas group fell into the present crisis after the amounts loaned were converted into investments in Bombay stock exchange and other places.
Though banks tried to contact Ramachandran, after he failed to payback loan, they couldn’t get in touch with him. Following this, officials of 15 banks convened a meeting and approached UAE Central bank. They later filed a police complaint. Though the Atlas tried to solve the issue in collaboration with a private investment group, it didn’t work out.
Meanwhile, Ramachandran said he would file an appeal against the lower court verdict. Ramachandran is the owner of prominent jewellery group Atlas in Gulf. He, who has been police custody for quite some time now, is also facing certain health issues.
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