Fugitive tycoon Yagnesh Devani charged in Sh7.6 billion Triton oil scandal

After running from justice for 15 years, the long arm of the law finally caught up with businessman Yagnesh Mohanlal Devani after he was arrested and spent a night in police cells over the Sh7.6 billion oil scandal.

Devani who has been on the run since 2009, is expected to face graft charges over theft of oil worth millions at the Milimani anti-corruption Chief Magistrate courts.

This is after the court ordered he be detained until this morning to allow Director of Public Prosecutions Renson Ingonga to formally file a charge sheet against Devani and his company Triton Petroleum Limited.  

Devani was arraigned before Chief Magistrate Thomas Nzyuki yesterday at noon by EACC detectives following a warrant of arrest issued in September 2009.

However, Nzyuki declined to grant him bond terms pending the charges this morning. “In the interest of fair administration of justice, I find it not appropriate to release him on bond, especially after he was brought to court with a warrant,” the magistrate ruled.

The magistrate stated that the charges facing the oil tycoon are severe and releasing him before he can officially answer to the same will not be safe since he has been on the run for over 15 years 

Nzyuki further noted it was also important for Devani to spend a night in custody to enable him to reflect on his actions for absconding court jurisdictions for over a decade.

The DPP told the court that they intend to file new charges against Devani so that they don’t interfere with the case of the other accused persons namely Mahindra Pathak, Julius Kyalo Kilonzo and Collin Otieno which is at its tail end.

That case has been proceeding but in the absence of Devani after he fled the country to the UK after his co-accused persons were charged over allegations of irregular release of 126 million litres of petroleum products worth about Sh7.6 billion by Kenya Pipeline Company Ltd to Triton Petroleum Company Ltd in breach of a Collateral Financing Agreement involving Emirates National Oil Company (ENOC).

While seeking to try Devani separately, the DPP through state prosecutor Jeremiah Wakusara informed the court that the case against his co-accused is at the stage of filling submissions on a case to answer after the prosecution closed its case in the matter.
“Devani has been on the run and a warrant of arrest was issued in September 2009 leading to the government of Kenya initiating extradition proceedings to bring back  Devani from the United Kingdom to face charges leveled against him,” Wakusara stated.

The court heard that all the cases where he was challenging his extradition were dismissed by the Apex Court in the United Kingdom vide Court of Appeal in Secretary of State for Home Department vs. Yagnesh Mohanlal Devani (2020) EWCA Civ 612 through a judgment delivered on  May 7, 2020. After 15 years of remaining a fugitive, Devani was extradited on January 23 2024 to Kenya and charged in Milimani CMCR Case Number E072 of 2024 together with his company Triton.

“If the court can allow we can file the charges against Devani and have him plead to the charges tomorrow(Wednesday),” the prosecutor added.

But Devani through his lawyer Hillary Kiplagat did not oppose the request to have him charged today but requested to be released on bail, a request that was declined, and remanded at Kilimani police station.

Kiplagat told the court that after Devani came back to Kenya in January this year he was charged on January 30 with another Sh1.5 billion fraud case involving the Kipevu jet oil scam and is out on bail of Sh1 million.
Devani said he was willing to surrender his travel documents and passports and would avail himself for plea-taking today.

The arrest and arraignment of the businessman came hours even after another court issued a warrant of arrest for skipping court three times now since he was charged with Sh1.5 billion criminal case in March.

His absence in court necessitated Magistrate Robison Ondieki to issue an arrest order against Devani to enable DCI detectives to arrest him.