Effectively-known Indian businessman M.M. Ramachandran, popularly identified as ‘Atlas’ Ramachandran, died in Dubai on Sunday evening (October 2) after a cardiac arrest.
As per his family sources, Ramachandran, the managing director of Atlas Jewellery and a film producer, turned into as soon as admitted to a clinical institution in Dubai a few days within the past. His loss of life came about when he turned into as soon as making an strive to rebuild his industry after being released from detention middle some years within the past.
Once a world success myth within the Middle East and in South India, Ramachandran’s concern deteriorated in 2015 after he turned into as soon as detained and sentenced to a few years in penal complex in Dubai for alleged financial fraud, significantly on bounced cheques.
The businessman faced alleged defaults of over Rs. 1,000 crores ($10 billion) to the banks, significantly the Bank of Baroda. He turned into as soon as and not utilizing a doubt among the principle targets of a mountainous choice of cases in Dubai brought by Indian and UAE-based fully banks, the Indian Specific reported.
Ramachandran started working for Canara Bank in 1963. In 1966, he relocated to the Convey Bank of India to work as a probationary officer earlier than becoming a member of the financial institution’s subsidiary. In 1974, he started working on the Commercial Bank of Kuwait till 1987.
Ramachandran entered the gold industry in 1981 and established his first Kuwait showroom, the Atlast showroom. All the pieces turned into as soon as going splendid for him. Alternatively, all over the Kuwait battle, Ramachandran faced a vital loss but recovered all his losses after shifting his industry activities to the UAE.
In 2010, he directed one Malayalam film, produced quite a lot of motion photos, and grew to change into and not utilizing a doubt among the successfully-identified advertisers in Kerala’s media sector. He appeared himself within the adverts for Atlas jewellery community, which earned him the nickname ‘Atlas’ Ramachandran.
The Atlas Neighborhood operated 42 showrooms within the Gulf Cooperation Council (GCC) and three in India all over its success. The crew had a earnings of Rs 8,000 crore ($80 billion) in various sectors in 2014 earlier than the empire turned into as soon as devastated. In 2015, the concern deteriorated, and Ramchnadran turned into as soon as detained. He turned into as soon as freed from detention middle in 2018.
(With inputs from agencies)
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