Dubai: Businessman MM Ramachandran, popularly known as Atlas Ramachandran, who was imprisoned in Dubai following allegations of default against him by a number of banks, was released today, according to a report.

It is learnt that an understanding reached with the banks led to the release of Ramachandran. However, the confirmation of Ramachandran's release has not come from his relatives.

23 banks including Bank of Baroda had filed the case against Atlas Ramachandran.

The banks filed complaint against Ramachandran as he defaulted in paying the loans. Following this, he was jailed in Dubai in August 2015. The court also punished his daughter Manju and son-in-law Arun with imprisonment. Even though Manju was released on stringent bail conditions, Atlas Ramachandran and Arun has been undergoing jail term till now. Even though an agreement was reached with the banks, the case filed by an individual who gave loan for buying gold was not settled. It is learnt that Ramachandran has been released after an understanding was reached in this case also.

The attempts of Atlas Ramachandran’s wife Indu since the past two years to secure his release was not yielding result. Later, the Union Government intervened in the issue. Atlas Ramachandran had taken a huge amount as loan from various banks to expand his business. The amount became huge with its interest.

Ramachandran repaid some of the debt by selling the gold ornaments and other items in his jewellery shops for a meagre amount. Around 200 employees were also given their dues. But the huge debt is still remaining. The plan to hand over the assets to the bank and to repay the amount through their consortium is in its final stage.