KOCHI: After spending nearly three years in prison for cheque bounce cases, 75-year-old NRK gold tycoon Atlas Ramachandran has been finally released from Dubai jail.
Reliable people in Dubai confirmed the authorities in Dubai have officially stated the release of the Keralite businessman who has been serving a jail term from August 2015. As per reports from Dubai, Ramachandran has been released on bail with certain strict conditions which are yet to be known. Neither his family members or other close friends were available for comments.
It's reliably learnt that Ramachandran has been restricted from leaving Dubai as per his bail conditions.
For the past few months, there have been concerted efforts from different corners for the release of Ramachandran. BJP leader O Rajagopal had made a statement on the efforts being taken by the Ministry of External Affairs for the release.
Media reports say that 22 banks and the private money lenders who had filed cases against him had reportedly agreed to put on hold all the legal proceedings against him and this led to his release. Ramachandran was sentenced to undergo imprisonment for defaulting on loans. He collectively owed over Dh550 million to his lenders.