News
Court Issues Warrant For Arrest Of Yagnesh Devani
An arrest warrant has been issued against business tycoon Yagnesh Devani for failing to appear in court for a second time in a Sh1.5 billion fraud case.
Devani was to appear to confirm whether he has been supplied with documentary evidence and other exhibits to be relied upon during trial.
He is accused of using his Company Triton in carrying the fraud, the court was told.
He had escaped to the United Kingdom at the time his co-accused were charged and the court issued a warrant of arrest against him.
He was later appeared in the case where he denied four charges of stealing.
The prosecution told the court that between 23rd April and 4th December 2008 at Kipevu oil storage facility within Mombasa County, jointly with others before Court, he stole 2,000 Metric tons of Automotive Gas Oil valued at USD 215,934, the property of Kenya Commercial Bank.
The court was told between 15th May 2008 and 4th December 2008 at Kipevu oil storage facility within Mombasa, jointly with others before Court, he stole 418.134 Metric tons of Motor spirit Premium valued at USD 438,031.10, the property of Kenya Commercial Bank.
Trial Magistrate was further told that between 2nd November 2008 and 4th December 2008 at Kipevu oil storage facility within Mombasa County, jointly with others before Court, stole 12,782 Metric tons of Automotive Gas oil valued at USD 7,999,691.39 the property of Kenya Commercial Bank.
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