The owner of UAE-based Atlas Jewellery and his daughter have been detained by police in Dubai over bounced cheques, a report said.

The 73-year-old Indian businessman was arrested after a number of banks lodged complaints against him, said the Khaleej Times report.

The report, which named him as just M.M.R, is being held at a detention centre in Bur Dubai and his daughter has also been detained in the women's section, it said.

The group has allegedly defaulted on payments to 20 banks and reportedly owes Dh600 million to banking institutions in both the UAE and India, the report said.

So far, the police have received five complaints against M.M.R. from different banks. Two complaints were lodged at Rafaa police station, two at Naif and one at Bur Dubai.The complaint lodged at Bur Dubai was for issuing dud cheques worth Dh34 million, it said.

A Bank of Baroda official in Dubai said Atlas Group owed the bank Dh70 million.

"The group owes Bank of Baroda Dh70 million. The banks have together formed an informal steering committee and will come to a decision on the jewellery group next week," the official was quoted as saying by the Khaleej Times report.

The group has about 50 stores in the UAE, Kuwait and Saudi Arabia. The owner also owns a hospital in Oman and his daughter runs a clinic in Dubai under the banner Atlas Star, the report said.