Dubai, Oct 30 (IANS) A UAE court has extended an Indian jeweller’s custody after he failed to settle the outstanding amount of two dud cheques worth $9.2 million, a media report said on Friday.
M.M. Ramachandran, the owner of Dubai’s Atlas Jewellery, had issued two cheques to a local bank. The bank later filed a complaint against the businessman after the cheques bounced and he failed to settle the outstanding dues.
Police arrested 73-year-old Ramachandran in August this year and he has been in detention since then.
On Thursday, Dubai court judge Ahmad Shiha refused to admit a request by Ramachandran’s lawyer for an adjournment to settle the case.
“This is the third adjournment since September 29. Why has no settlement been reached yet? The decision will be at the end of the hearing,” judge Shiha told the lawyer.
He ordered the businessman to remain in custody until a ruling is handed out on November 12.
However, a member of Ramachandran’s defence team said a deal has been reached with an investor who has expressed his willingness to pay the defendant’s outstanding amount.
Under the UAE law, a cheque bounce case is automatically dropped after the signee pays the cheque’s amount or reaches a settlement with the beneficiary.