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His wife Indira Ramachandran, daughter Manju and her family survived.
Mathukkara Moothedath Ramachandran, from the southern Indian state of Kerala, built a gold business empire in 1981 under his jewellery group called Atlas, which later became Atlas Ramachandran.
He was at the helm of a sprawling business empire consisting of more than 40 Atlas Jewellery locations across the Gulf, 19 of which are located in the UAE. The business mogul also had broad interests in his prime, including healthcare, film, real estate and media.
He is well respected by members of the Indian community and enjoys celebrity status as a film producer, actor and brand ambassador before suffering multiple Dh550 million loan defaults in the UAE.
He was jailed in 2015 after a court ruled he was sentenced to three years in prison for issuing two false cheques worth Dh34 million as security to two banks.
Since his release from prison in 2018, Ramachandran has pledged to repay all creditors and has been working on a repayment plan.
The embattled business veteran has several fans and sympathizers who support him through thick and thin.
According to the family, he is working on opening a new jewelry store to start over.
“Some investors approached him and he was very optimistic,” said Manav, who was with Ramachandran’s family when he died.
He said the family had decided to hold Ramachandran’s funeral in Dubai on Monday.
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