In case of financial fraud, a Dubai court has sentenced MM Ramachandran, chairman, Atlas Group to three years in jail, according to media reports.
Popularly known as Atlas Ramachandran, he has been jailed for three years for issuing two bounced cheques worth 34 million dirhams.
Popularly known as 'Atlas' Ramachandran, the 74-year old India-born businessman had been in custody since August after cheques issued by his company bounced. The cheques were worth 34 million dirhams.
Ahmad Shiha, judge of Dubai Misdemeanour Court was quoted by gulfnews.com saying, "Ramachandran will be jailed for three years".
According to media reports, his lawyers are going to appeal against the judgement.
More than a dozen banks in Dubai complained to police that Atlas Group had not repaid loans and his requests for bail have been rejected several times by the court.
Ramachandran is also known as film producer and actor. His Atlas Group has a chain of jewellery stores in the GCC states with about 20 outlets in UAE.
