DUBAI // The owner of an Arabian Gulf chain of jewellery shops was sentenced to three years in jail on Thursday for issuing millions of dirhams worth of bad cheques to Dubai Commercial Bank.
Indian M M Ramachandran, 73, the owner of Atlas Jewellery Group, was convicted after Dubai Court of Misdemeanours rejected a request from his lawyer for the court hearing to be rescheduled so that a settlement with the bank could be reached.
The judge said he had approved a previous request but Ramachandran had failed to settle.
Ramachandran was convicted of giving the bank two cheques – one for Dh30 million and the other for Dh4m – dated August 12, 2015, that his company did not have the funds to pay.
Ramachandran, who has lived in the UAE for 20 years, is reported to be facing financial difficulties in India, with debts totalling nearly Dh500m.
In August Ramachandran and his daughter were arrested on separate fraud charges.
A police source said at the time that five complaints were made by banks against Ramachandran, while another 15 were made against his daughter for dishonoured cheques worth almost Dh10m.
It is believed the verdict will be appealed against.
salamir@thenational.ae
