He will not be allowed to travel outside the UAE.
Kochi: NRK industrialist and owner of a transnational jewellery network, Atlas Ramachandran, 75, who has been in a Dubai jail for the last three years, has been reportedly freed. He had been imprisoned after some banks, which had lent him huge sums, filed cases against him for his failure to repay the amount. He will not be allowed to travel outside the UAE.
The release came following a pact reached with the banks, it is learnt. However, the relatives of the industrialist refused to confirm the same. A total of 23 banks, including Bank of Baroda, had filed cases against him. He was imprisoned on August 23, 2015. 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 Indu had been trying to release him during the last two years by pledging all his assets. Some of the debts were settled by selling the jewellery in the shops. They also paid the benefits of 200 employees. It had been reported that cheques worth 34 million dirhams presented by Mr Ramachandran had bounced following which Dubai police arrested him.
It is estimated that his debt has now reached 600 million dirhams. The release was facilitated after the individual who lent him money mediated with the banks to reach a pact on the cases against him. The India government also intervened in the case. According to reports reaching here, the pact with the banks envisages entrusting the whole assets with the consortium of the banks and allowing it to repay the debts.