The owner of Atlas Jewellery, M.M. Ramachandran has been found guilty by the court by the Court of Misdemeanours presided over by judge Ahmed Abdelmohsen Shiha, as per reports. His crime is accused and found guilty of issuing two bounced cheques worth Dh34 million to a local bank, as per reports. He has been sentenced to three years imprisonment.

M.M. Ramachandran was in provisional detention since being arrested by local police in August this year. The company had appealed to the banks for time to arrange of a repayment plan, as per reports. According to reports, M.M. Ramachandran had defaulted loans worth about 500 million dirhams. Banks were considering a legal action to retrieve their money, as 15 banks, mainly local, had lent money to Atlas Jewellery, reports add.