Kozhikode: Prominent jeweler M M Ramachandran, who is widely known as Atlas Ramachandran, will soon walk out of the UAE jail, thanks to the intervention of external affairs minister Sushma Swaraj.
The UAE banks have decided to withdraw 22 cases filed against the Atlas Jewellery group owner. However, one more case is pending.
According to reports, he could be released within two days, once the pending case is also withdrawn by one of the banks. Ramachandran, however, will not be allowed to leave the UAE.
The assurance is that he will stay on in Dubai and settle his dues.
Manorama News has received a copy of the letter from ministry of external affairs about his release.
A Dubai court had sentenced Ramachandran to three years in jail after his checks to the tune of Dhs 3.40 crore, or about Rs 61.2 crore, bounced. He had also defaulted in repaying a Rs 1,000 crore loan. Ramachandran has been in jail since August, 2015.
His wife Indira Ramachandran had approached the state BJP leadership for help. The businessman's age, 76, also worked in his favor. Besides, there are no other cases against him.
An affidavit submitted by Ramachandran says he has enough assets to settle his debt. It is understood that bank officials from the UAE would travel to India for final settlement of the case.
Ramachandran's family had held talks with BJP state president Kummanam Rajasekharan the other day. Kummanam passed on Ramachandran's details to Sushma Swaraj and BJP national secretary Ram Madhav. The Center then took the initiative. As details of Ramachandran's assets were presented, the banks agreed to withdraw their complaints.
Ramachandran, a native of Thrissur, has also produced a number of films that were celebrated in Malayalam cinema, including Vaishali and Vasthu Hara. In 2010, he directed a movie: Holidays. He had also ventured into real estate business.
