- Milimani Law Court in Nairobi has acquitted businessman Yagnesh Devani and four other suspects charged with conspiring to defraud Kenya Commercial Bank Sh1.9 billion through Triton Petroleum Company.
Magistrate Zainab Abdul sitting at Milimani said the prosecution failed to prove the case levelled against Yagnesh, Mahindra Pathak, Julius Kilonzo, Collins Otieno and Benedict Mutua, and Triton Petroleum Company.
The five had been charged with conspiring to defraud KCB by fraudulently discounting Triton Petroleum of invoices amounting to Sh12 million dollars (Sh1.9 billion) in breach of the limit approved and the conditions imposed by the board of directors of KCB.
The Magistrate in acquitting them said KCB ledgers were never availed as evidence to show that money was debited from the bank’s account.
Most of the witnesses who testified were employees of the bank. The Investigating officer in the case also said he could not pinpoint the specifics of conspiracy with respect to the accused persons.
The Magistrate in her ruling said it is not in dispute that there existed a customer-client relationship between KCB and Triton.
