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Bail plea of Atlas owner rejected; trial in 2 weeks

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Bail plea of Atlas owner rejected; trial in 2 weeks

Empty display window outside the Atlas Jewellery shop at Al Karama in Dubai.

Dubai - The police have received five complaints against Ramachandran from different banks.

Published: Wed 2 Sep 2015, 12:00 AM

Updated: Wed 2 Sep 2015, 10:18 PM

The Dubai Public Prosecution has rejected a bail request submitted by the owner of Atlas Jewellery, M.M. Ramachandran.
The 73-year-old Indian businessman and his daughter, who were detained on August 23, have been referred to a Dubai court on charges of issuing dud cheques.

Also Read : Atlas lenders to meet today to plan debt recovery 

A police official said Ramachandran was arrested after a number of banks lodged complaints against him over bounced cheques worth Dh55 million. He said Ramachandran attempted to reach a settlement with the banks.
Sources said he did not get bail due to the amount involved. The first hearing in the case is set to commence within two weeks.
So far, the police have received five complaints against Ramachandran from different banks. Two complaints were lodged at the Rafaa police station, two at Naif and one at Bur Dubai. The complaint lodged at Bur Dubai was for issuing dud cheques worth Dh34 million.
On Tuesday, a complaint was registered against Ramachandran's daughter for issuing dud cheques worth Dh63,000. Sources said she issued dud cheques worth Dh10 million in all, including those for rent and car loans. amira@khaleejtimes.com

Read: Atlas Jewellery owner, daughter detained in Dubai



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