Dubai: The owner of Atlas Jewellery and his daughter are detained in conjunction with bounced cheques, Dubai Police confirmed on Monday.
A security source said that five cases were filed by banks against the owner, M.M. Ramachandran, in three different police stations in Dubai.
“The total amount is Dh50 million, the biggest bounced cheque is worth Dh34 million and the case was lodged at Bur Dubai police station, where he was brought in on August 23.”
There are two cases against him at Bur Dubai police Station, two in Al Rifa’a and one in Jebel Ali police station.
The source said that Ramachandran’s daughter was detained on August 18, also for bounced cheques, but the cases against her were separate from her father’s.
“There were 15 cases made against his daughter for bounced cheques worth Dh9.4 million. The cheques were for car loans, shop rent payments and credit cards, among other things,” the source said.
Ramachandran’s bounced cheques were for banking facilities.
Investigations revealed that Ramachandran owes approximately Dh550 million to 15 banks, and police are expecting more reports against him when other cheques are due.
The source said it seemed that the man had financial problems that could be linked to the drop in gold prices.
The owner has been living in Dubai for more than 20 years.
