Atlas Ramachandran to be released soon

Manama : A leading Indian businessman based in the GCC, including Bahrain, who was sentenced to three years in jail in Dubai, will soon be released.  

Atlas Group Chairman MM Ramachandran, 76, was charged by the Dubai Misdemeanor Court in November 2015 for cases related to Dh53 million in bounced cheques.

According to his lawyers, the banks to which he owes money, have agreed to reach a consensus and withdraw the cases against him. His lawyers have further requested the Indian government to allow a certain time period in order to  repay the remainder amount.

Their have been reports of  Mr Ramachandran suffering from depression and other health issues including diabetes. Meanwhile there is no clarification on the release of his daughter and son in law who are also in jail for the same charges. 

In October 2015, Atlas Group had announced that it has entered into a financial deal with UAE-based investment firm Maas Group to raise funds. 

As per the group website, there are about 18 outlets across the GCC, including Bahrain, all of which has since then shutdown.

Mr Ramachandran (popularly known as Atlas Ramachandran) is also a film producer and actor.

He has previously been ranked among the ‘100 Most Powerful Indians in the GCC’.