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Dubai gold retailer held for loans default is released: sources

Reuters  |  ABU DHABI 

ABU DHABI (Reuters) - The owner of a Dubai-based gold and jewellery retailer held for defaulting on loans worth about 500 million dirhams ($136 million), has been released, two sources said on Sunday, following local media reports.Indian born M.M. Ramachandran, the owner of Atlas Jewellery, was sentenced to three years in jail by a Dubai court in November 2015. Ramachandran was arrested on August 23 in cases related to suspected bounced cheques, Dubai police told Reuters at the time.Ramachandran has been released on bail, the sources told Reuters, declining to be named due to the sensitivity ...

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