Atlas Group Chairman MM Ramachandran has been sentenced to three years in jail by the Dubai Misdemeanor Court. The 74-year-old Ramachandran was in police custody for cases related to Dh53 million in bounced cheques, according to Dubai Police. The defendant's lawyer refused to mak
Atlas Group Chairman MM Ramachandran has been sentenced to three years in jail by the Dubai Misdemeanor Court.
The 74-year-old Ramachandran was in police custody for cases related to Dh53 million in bounced cheques, according to Dubai Police.
The defendant's lawyer refused to make a comment after the judgement was issued by the court this morning, according to Emirates 24/7.
Ramachandran's wife attended the hearing and was present inside the court when the judgement was pronounced. She broke down completely and was seen weeping outside the court premises after the verdict was issued.
Late last month, Atlas Group had announced that it has entered into a financial deal with UAE-based investment firm Maas Group to raise funds.
The equity from Maas will go into the Atlas Group-owned businesses in the UAE and its healthcare facility in Oman.
As per the group website, there are about 18 outlets across the GCC, including Bahrain.
Dr. M.M. Ramachandran (popularly known as Atlas Ramachandran) is an Indian businessman, film producer, and actor.
He has previously been ranked among the ‘100 Most Powerful Indians in the GCC’.
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