The owner of Atlas Jewellery, M.M. Ramachandran, who was in a Dubai jail for close to three years, has been released on bail, authorities have said. The 75-year-old Malayalee businessman, who is popularly known as Atlas Ramachandran, was jailed in August 2015 for defaulting on multiple loans.
Confirming the news, Indian Ambassador Navdeep Singh Suri told Khaleej Times: “We have worked with relevant authorities to facilitate his release, much the same way that we work on a daily basis to provide assistance to so many other Indian nationals who may find themselves in a difficult situation.”
A source close to the case revealed that as per the terms and conditions applied to his bail, Ramachandran will not be allowed to travel outside the UAE. “He still owes money to private parties and that has to be resolved,” the source said.
The gold tycoon owes Dh550 million in loans to private banks. After long-drawn negotiations backed by political and diplomatic efforts, 22 lending banks signed a standstill agreement in February this year, putting on hold legal proceedings against him.
Also Read: After 3 years of hell like life, finally Atlas Ramachandran is released
In his first media interview after his release to a Malayalam television channel that aired on Saturday, a visibly frail Ramachandran said: “If I had some time to negotiate with the banks, everything would’ve been much easier.
“I have no malice towards everyone. My life’s principle is to face…challenges and not run away from anything.”
“When I am released, all my energy will be invested into paying off my debts…I have not cheated anyone and I will not let anything mar (my) reputation,” Ramachandran said over the phone in a free-wheeling interview.
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