THIRUVANANTHAPURAM: Leading NRI businessman M.M. Ramachandran, who has been in UAE prison since August 2015 in a financial scam, is likely to be released soon, with the intervention of external affairs ministry.
As many as 22 UAE banks already agreed to withdraw all cases against Ramachandran, who headed the Atlas group. Steps were also on to withdraw two more pending case against him and enable his release from prison in couple of days. An assurance from Mr Ramachandran’s wife Indira Ramachandran that the family will settle the dues of about Rs 61.2 crore to the UAE banks is paving way for his release, according to sources familiar with the development.
BJP state president Kummanam Rajasekharan, who had intervened in the matter, told reporters in Kannur that Mr Ramachandran will be freed from Dubai prison soon. “Majority of cases against him are being settled. External affairs ministry is also involved in the issue as it is a human rights violation. I have already forwarded the documents on Mr Ramachandran provided by his family,” said Kummanam.
Mr Ramachandran is a native of Thrissur. The Atlas group has about 50 jewellery shops in Gulf countries as well as India. He also produced a couple of Malayalam movies, including Vaisali, and had also played small roles in some films. He was well known among Malayalis for his appearance in advertisements of Atlas jewellery shops with the tag line ‘Janakodikalude Viswastha Sdhapanam' (trusted organisation of crores of people).
Ramachandran landed in jail following default of loans to the tune of for Dh 34 million (about '60 crore). The total loan taken by Atlas group was about Dh 550 million (around '1,000 crores). He was arrested on August 23, 2015.
Mr Ramachandran's family had approached the BJP state president Kummanam Rajasekharan and sought the Centre’s intervention to convince the UAE banks that the family could settle the dues. He took up the matter with external affairs minister Sushma Swaraj and other BJP national leaders including national general secretary Ram Madhav.
Subsequently, the MEA wrote to the banks with details of Ramachandran's family's wealth. The ill health of Ramachandran, who is 76, was also highlighted by the Indian government. Considering these, the banks agreed to settle the cases.
Sources said that two cases pending were filed by individuals, learnt to be NRIs. The family was in constant talk with them and they were learnt to have almost agreed to withdraw the petitions.
Mr Kummanam told DC that Ms Indira approached him over the phone almost three to four months ago when the other political parties washed off their hands in releasing Mr Ramachandran. He informed that State BJP general secretary Sobha Surendran visited Sushma Swaraj and requested for his speedy release.
“Ramachandran's assets worth 7.5 million AED was sold off and is being given to the lenders. There is one more businessman who has to enter into an agreement which is actually delaying the release of Ramachandran,” said Mr Kummanam.
He also told DC that Indira sent two representations to Kummanam and Ms Sushma Swaraj where the latter took up the issue and expedited the process.
