Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print

Gold tycoon Atlas Ramachandran could soon be out of UAE jail

According to legal sources, Ramachandran will not leave the UAE till he clears his dues.

A crucial meeting in Delhi today will decide the fate of jailed Dubai-based gold tycoon M.M. Ramachandran aka Atlas Ramachandran.

According to sources, if the meeting ends well, he could soon walk out a free man.

All 22 lending banks in the UAE have signed a standstill agreement putting on hold legal proceedings against him, diplomatic sources close to the case told Khaleej Times.

Three private lenders have also agreed to put on hold cases against Ramachandran.

Atlas Jewellery case: Who is MM Ramachandran?

The only hurdle left for the Keralite businessman’s release is a Delhi-based private lender who is yet to sign a standstill agreement.

"We are meeting the party in Delhi on Thursday. It is very crucial for Ramachandran. If they agree to the terms, he can be released any time," said a source close to the case.

"Ramachandran’s wife had written a letter to the Bharatiya Janata Party (BJP) government seeking help to secure her husband’s release. Indian External Affairs Minister Sushma Swaraj had directly intervened, and if things go as planned, he will be a free man in a matter of days," said a BJP source.

Ramachandran’s wife Indira was not immediately available for a comment.

The 75-year-old Ramachandran has been serving a three-year jail term in Dubai since August 23, 2015, in cases related to bounced cheques. The businessman, who had become a household name in Kerala and abroad, had taken loans up to Dh550 million.

In her first-ever media interview on June 17, 2017, Indira told Khaleej Times about her desperate struggle to get her husband out of jail.

"I am living in constant fear of getting jailed as some banks have initiated civil proceedings against me, too. I don’t even have a steady income to pay my rents. But I have to keep fighting to make sure my husband will soon walk out a free man," said Indira, who is staying in an apartment in Dubai.

"He is an honest man and had enjoyed immense goodwill in the market for the last three decades. But being held in prison, he is unable to talk to the prospective buyers to liquidate the assets and pay back debts," said Indira. "It is my earnest wish he be given a humanitarian consideration," said 68-year-old Indira.

She claimed if Atlas Group’s existing assets were liquidated, they would be able to pay off their debts. But negotiating with potential buyers were not possible as long as he was in jail, said Indira.

All you need to know about the case

Who is Atlas Ramachandran?

Mathukkara Moothedath Ramachandran, popularly known as Atlas Ramachandran is an Indian businessman and film producer. He hails from Thrissur district in Kerala. He founded the Atlas Group in 1981. Ramachandran is married to Indira Ramachandran and has two children.

How big was his business empire?

Atlas Group founded by Ramachandran owned more than 35 showrooms in the Gulf, including 19 in the UAE. He opened his first showroom in Kuwait in 1981. He later expanded his business empire into healthcare, real estate and advertising and photography. His annual turnover was over Dh3.5 billion.

What is the case against him?

Ramachandran was sentenced to prison for defaulting on loans. He was sentenced to three years in jail by a Dubai court in August 2015.

How much does he owe UAE banks?

Ramachandran has taken loans from 22 banks in the UAE and he collectively owes them more than Dh550 million.

What was the hurdle in securing his release?

Out of the 22 banks he owed money, only 19 banks had signed a standstill agreement to put on hold legal cases against him.

What is the latest development?

The three banks, which were initially unwilling to sign the agreement, have agreed to temporarily hold legal action against Ramachandran. If all lenders sign the standstill agreement, he can be released with conditions.