A 73- year old Indian businessman – M.M.R. - owner of Atlas Jewellery and his daughter are alleged to have defaulted on loans worth around over 500 million dirhams ($136.2 million), to some 20 banks, reports say. The banks are looking at possible ways to retrieve their money, including legal action.

Reports also suggest that the businessman and his daughter have been arrested by the Dubai police. There is no reason so far being attributed to the defaults, reports say. The arrest followed complaints filed by the banks, which included the businessman issuing dud cheques worth Dh34 million.

Atlas Jewellery is a large jewellery retail brand and company with over 50 outlets across the UAE, Kuwait and Saudi Arabia and India, reports add.

The banks who have been affected by the defaults include local and Indian banks, reports add. Bank of Baroda – one of the lenders noted that it was owed Dh70 million, reports add.

The daughter has been detained in the women's section upon allegations of bounced cheques, reports add.