Atlas Jewellery: Banks smell wilful default | GulfNews.com:
"Banks that loaned hundreds of millions to the troubled Atlas Jewellery chain say they suspect a wilful default by the group, with industry sources saying money was diverted to the Bombay Stock Exchange (BSE).
The founding chairman, M.M. Ramachandran, used funds borrowed from UAE banks to buy 51 per cent equity in a defunct company, GEE Wollens, and renamed it Atlas Jewellery India, the sources said.
No charges have been filed by authorities and the allegations have not been tested in court."
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