Businessman Yagnesh Mohanlal Devani has been charged with stealing 318,656 metric tons of jet fuel worth USD 365,974.05 (apprx Sh 59,287,788).
This is after Devani was extradited to Kenya from the United Kingdom 15 years after commiting the alleged offenses.
The businessman is charged alongside his company Triton Petroleum Company Limited.
Devani is accused that between 23rd April and 4th December 2008 at Kipevu oil storage facility within Mombasa County, jointly with others before court, stole 318,656 Metric tons of Jet Fuel valued at USD 365.974.05, the property of Kenya Commercial Bank.
Devani is accused that between 23rd April 2008 and 4th December 2008 at Kipevu oil storage facility within Mombasa County, being the mortgager jointly with others before court disposed mortgaged products to wit 318.656 Metric tons of Jet Fuel valued at USD 365,974.05 with intent to defraud Kenya Commercial Bank the mortgagee of the said product.
In addition, the accused is accused of stealing 2,000 Metric tons of Automotive Gas Oil valued at USD 8.2 million, the property of Kenya Commercial Bank.
The court further heard that Devani stole 418.134 Metric tons of Motor spirit Premium valued at USD 438,031,10, the property of Kenya Commercial Bank.
The businessman is also facing alternative counts of disposing mortgaged goods.
It is alleged that between 23rd April 2008 and 4th December 2008 at Kipevu oil storage facility within Mombasa County, being the mortgager jointly with others before court disposed the above mortgaged goods with intent to defraud Kenya Commercial Bank the mortgagee of the said products
He denied the charges before Senior Principal Magistrate Robinson Ondieki and was released on a cash bail of Sh 1 million.
Devani allegedly purchased the products using money loaned to him by KCB.
