Atlas Jewellery owner released from Dubai jail under set conditions

Gold tycoon Atlas Ramachandran has been released from Dubai jail with conditions, authorities have confirmed to Khaleej Times.

The 75-year old Keralite businessman has been serving a jail term in Dubai since August 2015 after his arrest related to bounce cheque cases. “He has been released from jail on bail. He still owes money to private parties and that has to be resolved,” an official source close to the case told Khaleej Times.

“The family wish to guard their privacy and is not willing to speak out yet,” said the official. Jail sources have confirmed that Ramachandran’s name is not in the list of prisoners, and it is understood that he was released on bail since the beginning of Ramadan.

He owes Dh550 million in loans to many private banks. His release was imminent in February when all 22 lending banks in the UAE signed a standstill agreement putting on hold legal proceedings against him.

But he was still in a legal tangle as three private lenders were refusing to put on hold cases against Ramachandran.