Indian expat businessman Atlas Ramachandran passes away at 80text_fields
Non-resident Indian businessman and filmmaker Atlas Ramachandran passed away on Sunday at the age of 80 in Dubai.
According to media reports, he died in the late hours of Sunday at Dubai's Aster Hospital due to a heart attack after battling age-related illnesses.
Ramachandran was admitted to the hospital in Mankhool on Saturday after complaining of chest pain. According to the reports, he had been unwell for some time due to age-related issues.
His wife Indira Ramachandran and daughter Manju Ramachandran were at his bedside in his final moments.
Hailing from the south Indian state of Kerala, Mathukkara Moothedath Ramachandran became Atlas Ramachandran after he established an empire of gold business under his jewelry group named Atlas in 1981.
He once presided over a vast business empire consisting of over 40 branches of Atlas Jewellery stores across the Gulf, including 19 in the UAE. The business magnate had interests ranging from healthcare, movies, real estate, and media also during his golden era.
He was well-respected by the Indian community members and had enjoyed celebrity status as a film producer, actor, and brand ambassador before he was hit with multiple loan default cases worth Dh550 million in the UAE.
He was jailed in 2015 after a court sentenced him to three years in prison after finding him guilty of issuing two bounced cheques worth Dh34 million to two banks as security.
Ramachandran had pledged to repay all his creditors and had been working on the repayment plan ever since his release from jail in 2018.
As per a Gulf News report citing family sources, Ramachandran was working on opening a new jewelry outlet to begin afresh.