ED attaches assets of jeweller 'Atlas' Ramachandran over loan fraud

Kochi: The Enforcement Directorate attached assets of embattled jeweller M M Ramachandran, widely known as Atlas Ramachandran, in a case of financial fraud. Gold, silver, diamond and bank investments worth over Rs 57 crore were seized by the central financial investigation agency for duping South Indian Bank Limited nearly a decade ago.

The assets of Ramachandran, wife Indira and Atlas Jewellery Private Limited have been attached by the agency. The total value of the assets seized are about Rs 57.45 crore.

The investigators had earlier found fake documents were submitted in the name of M/s Atlas Jewellery to avail Rs 242 crore loan from the Trichur branch of the private bank.

The ED action followed a case registered by the Kerala Police.

Earlier this year, the ED had seized assets valued at Rs 26.50 after checks at the jewellery showrooms in three Indian cities, Mumbai, Delhi and Bengaluru.

In June 2018 Ramachandran was released from a UAE jail. A Dubai court had sentenced him to three years in jail after his cheques to the tune of Dh 3.40 crore, or about Rs 61.2 crore then, bounced. He had also defaulted on repaying a Rs 1,000 crore loan. Ramachandran was in jail since August, 2015.

The then External Affairs Minsiter Sushma Swaraj had intervened, seeking the popular jeweller's release. Ramachandran's family had held talks with the then BJP state president Kummanam Rajasekharan in January to persuade the central government to intervene on behalf of the jeweller.

Ramachandran, a native of Thrissur, had also produced a few notable Malayalam films and even dabbled in real estate business.

Atlas Group had its first showroom in Kuwait in 1981. At one point the group had 50 showrooms in the Middle East and India with 3.5 billion turnover.