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Dubai gold retailer held for loans default is released: sources

Reuters  |  ABU DHABI 

(Reuters) - The owner of a Dubai-based gold and held for defaulting on loans worth about 500 million dirhams ($136 million), has been released, two sources said on Sunday, following

Indian born M.M. Ramachandran, the owner of Atlas Jewellery, was sentenced to three years in jail by a court in November 2015. Ramachandran was arrested on August 23 in cases related to suspected bounced cheques, police told at the time.

Ramachandran has been released on bail, the sources told Reuters, declining to be named due to the sensitivity of the matter. A for Police did not respond to calls. A for could not be reached.

The sources said Ramachandran plans to take steps to settle his loans.

Around 15 local banks had granted loans to which had around 50 branches across the Gulf and The in the UAE were shut down after his arrest, the sources said.

At the time of his arrest, and trade sources had said the had defaulted on loans worth about 500 million dirhams and banks were considering options including legal action to retrieve their money.

was founded by Ramachandran in in 1981 and moved to Dubai after its trading was suspended by the first Gulf War. It has interests in and

(Reporting By Stanley Carvalho; Editing by Elaine Hardcastle)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, June 10 2018. 14:19 IST