Detectives from the Ethics and Anti-Corruption Commission (EACC) arrested Yagnesh Devani who was among the people accused of taking part in the Ksh7.6 billion oil scandal.
EACC said Devani was arrested on Tuesday, August 6, and is currently being held at the offices in Nairobi awaiting arraignment.
“EACC has, this morning, arrested the principal suspect in the Kes.7.6 billion Triton Oil scandal, Mr. Yagnesh Devani. Devani, who was apprehended from his offices in Nairobi, is awaiting arraignment before the Milimani Anti-Corruption Court,” the statement read.
In 2008, his company, Triton Petroleum, secured a lucrative contract to supply oil under a government program designed to support local firms.
However, Devani allegedly diverted the fuel instead of sticking to the agreement, leaving taxpayers facing a potential loss of over Ksh7.6 billion.
The Kenya Commercial Bank (KCB) financed the deal and assigned Devani and his Company to implement it.
It is alleged that Devani disappeared after purchasing the fuel leaving KCB exposed to a colossal financial loss.
He vanished with a staggering amount of jet fuel, gas oil, and motor spirit, which had been mortgaged to the bank.
Devani was accused of committing the offense alongside Julius Kilonzo, Mahendra Pathak, and Benedict Mutua.
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Yagnesh Devani Flies Out of Kenya
The case took a dramatic turn when Devani fled Kenya in 2008, leaving his co-accused to face the law. Devani’s accomplices were tried in his absence after he fled Kenya for the United Kingdom (UK).
Kenya filed an extradition request to bring Devani back to answer charges of defrauding the KCB and Emirates National Oil Corporation of Singapore in 2011. Overall, Devani faced 19 counts of financial crimes.
Forensic audits revealed that the scandal exposed KCB and PTA banks to huge risks. Both banks had financed a massive oil import worth billions of shillings through letters of credit, which then vanished into thin air.
Other parties who sponsored the dead include PTA banks, Glencore Energy UK Limited and Fortis Bank of The Netherlands.
Also Read: OCS Arrested for Demanding Cash to Release Impounded Vehicle
Kenya Follow-Up Requests
In 2013, Kenya submitted another request, alleging Devani had also defrauded the global banking firm Fortis. Devani challenged both requests, dragging the matter through UK courts.
The UK Court of Appeal dismissed his application seeking asylum in the UK in May 2020 allowing for his extradition to Kenya to face charges of fraud.
After a 16-year chase, he was extradited from Britain in January 2024 and charged with a multi-million-dollar fuel scam.
However, a Nairobi court acquitted Devani and his accomplices in February 2024, citing insufficient evidence to sustain the trial or place the four on their defense.
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