Gold retail tycoon Atlas Ramachandran, who is in the custody of the Dubai police, has broken his silence over charges of wilful default on bank loans worth 500 million Dirham.

Speaking to Emirates 24X7 from his Dubai prison cell, Ramachandran acknowledged that Atlas Group owes millions in cash to various banks, and said he will ensure all debt is repaid even if it means selling assets.

Ramachandran said he has had good relationships with all banks and he hopes that it would continue to be so in the future as well. "We are willing to repay our dues at any cost even if it means selling our assets," he said in a statement issued while in custody. 

Read More: Atlas Ramachandran in Jail, Confirms Dubai Police; Malayali Media Steps Up

The bail petition submitted by Atlas Ramachandran, who owes about Dirham 500 million to 15 different banks, was rejected on Tuesday, 1 September.

Ramachandran has guaranteed that the representatives from his company will meet the officials of the various banks and sort out the issues.

A steering committee formed to settle the issue will reportedly meet for the second time on Thursday, 3 September. The head of communications at Atlas Jewellery, Shyam Mohan, has also reiterated Ramachandran's claim that all debt will be settled even if the company has to sell all its assets.

Mohan had earlier rubbished all reports about Ramachandran and his daughter's arrest and claimed that the Atlas Group chairman was at his Dubai residence. In an interview with Malayalam portal Azhimukham, he had also claimed that the company was not in as much financial trouble as depicted on media. 

Read More: Atlas Denies Reports of its Chairman Ramachandran's Arrest, Says He is at Dubai Home

Meanwhile, the Dubai Gold and Diamond Jewellery Group and many Malayalam media outlets based in Dubai have expressed their interest in helping the beleaguered businessman. 

Meanwhile, Keralites are showing a united front in trying to save Atlas Group and its chairman MM Ramachandran. Many believe that the group is merely going through a bad time, and that they deserve a second chance. Here is a tweet, that a supporter of Ramachandran sent out to External Affairs Minister Sushma Swaraj: 

Dileepkumar: @SushmaSwaraj .pls help Mr.ATlAS Ramachandran and his daughter is in uae jail. He is a jewellery business man.pls mam..