Atlas jewellery owner jailed over bounced cheques worth AED 34 million

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The owner of Atlas, a jewellery chain in the GCC and India, has been sentenced to three years in jail for issuing two bounced cheques. Reports say MM Ramachandran wrote a cheque for AED 4 million and another one for AED 30 million to a local bank. The bank filed a complaint against the Indian businessman after he failed to settle outstanding dues in August, leading to his arrest in Dubai. Ramachandran’s lawyers are expected to appeal the ruling.

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