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Arrest warrant issued against businessman Yagnesh Devani over theft of Sh1.5bn jet fuel

The Milimani Law Courts in Nairobi. (Photo: File)

By Joseph Ndunda | 26 Mar 2024

A prosecution counsel sought the warrant against businessman Yagnesh Devani, who is accused of stealing 318.656 metric tonnes of jet fuel from KCB.

A warrant has been issued for the arrest of businessman Yagnesh Devani, who is facing charges of stealing jet fuel worth Sh1.5 billion from the Kenya Commercial Bank (KCB).

Senior Principal Magistrate Robinson Ondieki, of the Milimani Law Courts in Nairobi, issued the warrant on Tuesday after Devani failed to attend the hearing of his criminal case.

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A prosecution counsel sought the warrant against the businessman, who is accused of stealing 318.656 metric tonnes of jet fuel from KCB.

The court heard that Devani, who was released on a Sh1 million cash bail, failed to attend court twice despite knowing each time that his physical presence was required.

Devani and his company, Triton Petroleum Company Ltd, are facing charges of theft and fraudulent disposition of mortgaged products acquired with facilitation by the bank.

He was charged on January 23, 2024, after being on the run for 16 years. A warrant was issued against him in 2008 when he disappeared from Kenya.

Devani left for the United Kingdom when his co-accused were charged, prompting the court to issue the warrant.

The charge sheet states that between April 23 and December 4, 2008, at the Kipevu oil storage facility in Mombasa County and with others before the court, he allegedly stole 2,000 metric tonnes of automotive gas oil valued at US $215,934, the property of KCB.

Additionally, between May 15 and December 4, 2008, at the same location and with accomplices, he allegedly stole 418.134 metric tonnes of motor spirit premium valued at US $438,031.10, the property of the same bank.

The prosecution further alleges that between November 2 and December 4, 2008, at the same place and with others, he stole 12,782 metric tonnes of automotive gas oil worth US $7,999,691.39, the property of the bank.

Devani faces alternative counts of fraudulent disposal of the said highly inflammable petroleum products but has denied all the charges against him and his company.

After being a fugitive since 2008, he was finally arrested and charged at the court, where his seven associates are facing similar charges and where their trial had continued for over six years.