Sh1.5bn Kipevu jet fuel scam: Tycoon Yagnesh Devani extradited from UK to Kenya
Tycoon Yagnesh Devani. He is the architect of the Sh7.6 billion Triton oil scandal.
After running from justice for 16 years, the long arm of the law has finally caught up with business tycoon Yagnesh Mohanlal Devani.
Mr Devani, who has been extradited to Kenya from Britain, has been charged over the Sh1.5 billion Kipevu jet fuel scam.
The tycoon was indicted over the irregular disposal of 451,572 metric tonnes of automated gas oil, jet fuel and premium motor spirit worth $9,019,630 (Sh1,470,199,690) that had been mortgaged by Kenya Commercial Bank Limited (KCB).
Mr Devani is alleged to have stolen the jet fuel, which he purchased using funds loaned to him and his company, Triton Petroleum Company Limited, by KCB to purchase the highly flammable petroleum product.
The charges against Devani and his company were theft and fraudulent disposition of mortgaged products acquired with the facilitation of KCB.
On January 23, 2024, Devani, who had an international arrest warrant hanging over his head, was arraigned at the Milimani Law Courts in Nairobi over the Sh1.5 billion jet fuel scam of 2008.
He was charged alongside his company, Triton Petroleum Company Limited, before Milimani Senior Principal Magistrate Robinson Ondieki.
Devani's prosecution was sanctioned by an Assistant Director of Public Prosecutions, Ms D Rugut, who signed every page of the three-page charge sheet in green ink.
Devani, who had been on the run since 2008 when he allegedly committed the offence, was brought before the court and then pleaded to be released on bond after denying four counts of theft and fraudulent disposal of products.
The accused had fled to the UK when his co-accused were charged and the court issued a warrant against him.
Businessman Yagnesh Mohanlal Devani.
Charges filed against Devani and Triton are that between April 23 and December 4 2008 at the Kipevu Oil Storage facility within Mombasa County, jointly with others before Court, stole 318,656 metric tons of jet fuel valued at USD 365,974 the property of KCB.
An alternative charge to that count of theft was that Devani jointly with others not before the court, disposed of mortgaged to wit a volume of 318,656 metric tons of jet fuel valued at USD 365,974 with an intent to defraud KCB, the mortgagee of the said product.
The second charge read that on diverse dates between April 23 and December 4, 2008, at Kipevu Oil Storage within Mombasa County jointly with others not before court stole 2,000 metric tons of Automotive Gas Oil valued at USD 215,934, the property of KCB.
The court was told between May 15, 2008, and December 4, 2008, at the Kipevu Oil Storage facility within Mombasa County, jointly with others before the court, stole 418.134 Metric tons of motor spirit premium valued at USD 438,031.10, the property of KCB.
The trial court heard that between November 2, 2008, and December 4, 2008, at the Kipevu Oil Storage facility within Mombasa County, jointly with others before the court, stole 12,782 Metric tons of automotive gas oil valued at USD 7,999,691.39 the property of KCB.
Devani faced alternative counts of fraudulent disposal of the said highly inflammable petroleum products.
He denied all the charges against him and his company and applied to be freed on bond, which was not opposed by the prosecution.
The accused was released on a cash bail of Sh1 million plus one contact person.
Yagnesh Mohanlal Devani.
The case will be mentioned on February 12 2024 for pre-trial directions.
While Devani had fled the country the State proceeded with the case in his absence.
A former prosecution counsel Edwin Okello informed a former chief magistrate Gilbert Mutembei that the government had sought the assistance of Interpol in enforcing the warrant of arrest against the runaway business tycoon.
The case proceeded without him after Mr Mutembei rejected pleas for more time since Devani was the main suspect. His alleged accomplices have been calling for a speedy trial.
He is accused of committing the offence together with Mr Julius Kilonzo, Mr Mahendra Pathak and Mr Benedict Mutua.
Mr Mutua also faces abuse of office charges and is accused of releasing the said oil without the authority of Fortis Bank.
