The owner of Atlas Jewellery has been refused bail by Dubai Public Prosecution, according to a local media report.
M.M. Ramachandran, the owner of Atlas Jewellery was detained on August 23 after a number of banks allegedly lodged complaints relating to suspected bounced cheques worth AED55 million ($14.9 million).
Khaleej Times reports that the 73-year-old Indian businessman was refused bail owing to the amount involved.
The cases against Ramachandran and his daughter, who was also detained on August 23 on charges related to different bounced cheques, is expected to start in two weeks, the newspaper reported.
Reuters reported that the Dubai-based gold and jewellery retailer defaulted on loans worth about AED500 million ($136.2 million), with banks now considering options including legal action to retrieve the money.
The non-payment by Atlas Jewellery, which has more than 50 branches across the Gulf and in India, affects at least 15 banks.
Atlas Jewellery, founded by Ramachandran in Kuwait in 1981 but forced to relocate to Dubai after its trading was suspended by the first Gulf War, also has interests in real estate and healthcare. It owns and manages two hospitals in Oman’s capital, Muscat.
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