An Abuja Federal High Court has issued an arrest warrant for the Managing Director of Dana Air, Mr Hathiramani Ranesh, due to his alleged failure to appear in court.
Ranesh and two others are facing a six-count charge filed against them by the Attorney General of the Federation.
In count one, Ranesh and the two companies, alongside others at large, were alleged to have committed a felony between September and December 2018 within the premises of DANA Steel Rolling Factory in Katsina.
They were alleged to have conspired to remove, convert and sell four units of industrial generators “i.e. three (3) units Ht of 9,000 KVA and 1 unit of 1,000 KVA; all valued at over N450 million, which form part of the Deed of Asset Debenture that were charged as collateral security for a bond issued in your favour, which Deed is still subsisting at all material times.”
In count three, the defendants and others at large at House No. 116, Oshodi-Apapa Expressway, Isolo-Lagos between April 7th and 8th, 2014, were alleged to have conspired to fraudulently divert the sum of N864 million.
The money was said to be part of the bond proceeds from Ecobank meant for the resuscitation of production at Dana Steel Rolling Factory in Katsina for other unapproved uses.
In count five, the defendants and others at large were alleged to have “conspired to fraudulently remove and transfer to one Atlantic Shrimpers Account No: 0001633175 with Access Bank and divert the sum of N60,300,000 (Sixty Million Three Hundred Thousand Naira).”
The cumulative sum of the amount involved in the charge is N1, 374, 300, 000.
Justice Obiora Egwuatu ruled that Ranesh’s arrest was necessary after he was served with charges and failed to attend multiple court proceedings.
Justice Egwuatu issued an arrest warrant for Ranesh, citing Section 184 of the Administration of Criminal Justice Act (ACJA) for failing to appear in court related to a ₦1.3 billion fraud case.
The Federal Government’s attorney, Mojisola-Okeya Esho, requested the warrant due to Ranesh’s absence, while defense lawyer B. Ademola-Bello argued a preliminary objection about court jurisdiction.
Justice Egwuatu ruled for Ranesh’s arrest and appearance on January 13, 2025, when the case will resume.
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