Prime suspect in Ksh.7.6B Triton oil scandal Yagnesh Devani arrested in Nairobi

Mr.Devani, reports say, was arrested from his Nairobi office and is being held at the Milimani Anti-Corruption Court cells awaiting his arraignment. 

EACC spokesperson Eric Ngumbi confirmed the arrest. 

The businessman will be detained until Wednesday when he is expected to be charged over the Ksh. 7.6 B shillings Triton oil scandal.

Appearing before Magistrate Thomas Nzioki, the prosecution told the court that Devani has been on the run for 16 years and that he should not be allowed to go back to his country

"The accused persons Yagnesh Devani, has had a warrant of arrest since 2009, prosecution asked the court not to grant him bond ....In the interest of fair administration of justice the court said it's not appropriate to release him on bond when he has been brought under warrant of arrest after 16 years," court noted

The prosecution has been directed to prepare the fresh charges against Devani before his arraignment on Wednesday. 

The Triton Scandal was allegedly carried out by Mr Devani's company, Triton Petroleum Limited. Mr Devani's company, of which he was the executive chairman, had won a lucrative tender to supply oil under a system designed to assist local oil companies.

The scandal surfaced in 2008 when Devani's company was implicated in the fraudulent disposal of oil products, leading to a loss of approximately Ksh 7.6 billion (about $70 million) to various banks and investors, including Kenya Commercial Bank (KCB) and Fortis Bank.

The core of the scandal revolved around Devani's company being granted access to oil reserves stored at the Kenya Pipeline Company's facilities without the necessary approvals. 

Triton Petroleum was allowed to withdraw 126 million liters of oil, which was then sold illegally, causing a severe fuel shortage in Kenya.