Atlas jewellery owner jailed over bounced cheques worth AED 34 million

NULL

The owner of Atlas, a jewellery chain in the GCC and India, has been sentenced to three years in jail for issuing two bounced cheques. Reports say MM Ramachandran wrote a cheque for AED 4 million and another one for AED 30 million to a local bank. The bank filed a complaint against the Indian businessman after he failed to settle outstanding dues in August, leading to his arrest in Dubai. Ramachandran’s lawyers are expected to appeal the ruling.

More from UAE