Court Issues Arrest Warrant For Businessman Yagnesh Devani In Ksh.1.5B Fraud Case

 

An arrest warrant has been issued for Yagnesh Devani, a businessman, for failing to appear in court in a 1.5 billion fraud case.

The case was scheduled for mention on Tuesday, but the accused did not appear in court, prompting the prosecution to request that a bail warrant for arrest be issued against Devani.

The warrant of arrest was issued by Magistrate Robinson Ondieki.

Last month, Devani was charged with stealing 318.656 metric tonnes of jet fuel worth Ksh.1.5 billion from the Kenya Commercial Bank.


He had previously been charged in a separate case, along with four others, with conspiring to defraud Kenya Commercial Bank of Ksh.1.9 billion through Triton Petroleum Company.

At the time, the court stated that the prosecution had failed to prove the fraud allegations against Yagnesh, Mahindra Pathak, Julius Kilonzo, Collins Otieno Benedict Mutua, and Triton Petroleum Company.

The five were charged with conspiring to defraud KCB by fraudulently discounting Triton Petroleum invoices totaling Ksh 1.9 billion, exceeding the limit approved by KCB's board of directors and while Triton sold no oil.

Devani was the first accused but did not take part in the proceedings because he was still on the run.