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Atlas owner jailed for bounced cheques
November 12, 2015, 10:19 am
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The owner of Atlas jewellery has been jailed for three years for issuing two bounced cheques worth Dh34 million.

M.M. Ramachandran, a 73-year-old Indian businessman, had issued two cheques worth Dh4 million and Dh30 million to a local bank. The bank complained against him once after cheques bounced and he failed to settle the outstanding dues in August.

"Ramachandran will be jailed for three years," said presiding Judge Ahmad Shiha on Thursday morning.

Dubai Police arrested Ramachandran in August and had been kept in detention until his hearing. His request for bail had been rejected several times before he attended the Dubai Misdemeanors Court in September.

When he showed up in court, the defendant admitted he had issued the cheques and asked for a postponement to settle the amounts. He later failed to reach a settlement.

Sources close to the case told Gulf News that Ramachandran's lawyers will lodge an immediate appeal to challenge Thursday's ruling. 

 

Read more on the story: 

Atlas Jewellery: Banks smell willful default
Atlas owner in jail for defaulting almost $136 million; banks considering options
Atlas may sell healthcare entity, GCC stores to repay loans
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