Dubai: The Atlas jewellery owner M M Ramachandran has been sentenced to three years in jail by Dubai Court.
According to the Dubai Police, the 74-year-old Indian businessman was in police custody for cases related to AED 53 million in bounced cheques.
Ramachandran’s wife who was present in the court broke down when the judge pronounced the verdict.
According to sources quoted in news reports Ramachandran's lawyers would appeal against the ruling.
To read earlier reports on Atlas Ramachandran's case
Atlas Jewellery denies reports of shutdown
Bail plea of Atlas owner Ramachandran rejected
Atlas group seeks time to repay $136m debts
UAE: Atlas Ramachandran’s custody extended until Oct 29
Atlas Ramchandran case: Strikes a deal with investor to settle dues
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