MM Ramachandran, Chairman of Atlas Group has been sentenced to three years in jail by the Dubai Misdemeanor Court this morning, reports Emirates 24-7 News
Ramachandran was in police custody for cases related to Dh53 million in bounced cheques, according to Dubai Police.
Ramachandran's lawyer refused to make a comment after the judgment was passed by the court.
Ramachandran's wife attended the hearing and was present inside the court when the judgment was pronounced. She broke down completely and was seen weeping outside the court premises, according the report.
Late last month, Atlas Group had announced that it has entered into a financial deal with UAE-based investment firm Maas Group to raise funds.
The equity from Maas will go into the Atlas Group-owned businesses in the UAE and its healthcare facility in Oman.
As per the group website, there are about 18 outlets across the GCC excluding the UAE.
In the UAE, Atlas has about 20 outlets including 12 across Dubai. However, not all outlets in the UAE are fully operational.
The Peninsula
