The Office of the Director of Public Prosecutions (ODPP) has issued an update regarding the Ksh 7.6 billion fraud case involving oil tycoon Yagnesh Devani.
In a statement made on August 7, the ODPP announced that Devani was charged in the Milimani Anti-Corruption Court after being extradited from the United Kingdom, where he had sought asylum for 16 years.
The charges stem from events that transpired between September-December 2008 when Devani, as managing director of Triton Petroleum Company Limited, allegedly sold oil valued at Ksh 32 million without the consent of Emirates National Oil Company.
“He is accused of selling Diesel valued at Ksh 32 million to Total Kenya Limited without the consent of Emirates National Oil Company Limited,” read the statement.
Aside from the fraud charge, he faces 10 other charges, including the fraudulent disposition of mortgaged goods and conspiracy to defraud among others.
“Devani faces other charges, including fraudulent disposition of mortgaged goods, eight counts of conspiracy to defraud, and one count of obtaining by false pretense,” said the ODPP.
Also Read: Tycoon Behind Ksh7.6 Billion Oil Scandal Arrested
Prosecutors Oppose His Release
The prosecution opposed his release on bond, arguing that he poses a flight risk due to his history of evading justice.
“In their application to oppose bond, the prosecution urged the court to consider the accused’s previous record of escaping to the United Kingdom after committing the offense,” further read the statement.
It was also pointed out that the accused had challenged the extradition efforts by the EACC, DCI and ODPP in a UK court.
“It was only through bilateral cooperation between Kenya and the UK that the accused was eventually extradited and charged,” argued the prosecution.
The prosecution warned against Devani’s release arguing that this move could lead to him fleeing to a country that did have any bilateral ties with Kenya, thereby making it difficult to proceed with the case.
Devani denied all charges and Chief Magistrate Thomas Nzyoki directed he remain in custody at Industrial Area Prison until a bond decision is made on August 19, 2024.
Also Read: ODPP Announces Training for Prosecutors Amid Uproar Over Dropping High Profile Cases
EACC Arrest Yagnesh Devani
This development follows Devani’s arrest by officials from the Ethics and Anti-Corruption Commission (EACC) on Tuesday, August 6.
EACC in a statement revealed that Devani was arrested while at his offices in Nairobi pursuant to a warrant issued 16 years ago when he fled the country after investigations into the oil scam were concluded.
“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.
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