*Dana Air MD Hathiramani Ranesh Faces Arrest Over Alleged N1.3 Billion Fraud*
By Salome Gambo
A Federal High Court in Abuja has issued an arrest warrant for Hathiramani Ranesh, the Managing Director of Dana Air, due to his failure to appear in court for trial over an alleged N1.3 billion fraud case. Justice Obiora Egwuatu ordered the arrest, citing Section 184 of the Administration of Criminal Justice Act (ACJA), 2015, which allows the court to issue a warrant against any defendant who refuses to attend court sessions.
Ranesh and two other defendants, Dana Group PLC and Dana Steel Ltd, face six charges filed by the Office of the Attorney-General of Federation (AGF). The charges include:
- Conspiracy to Remove and Sell Industrial Generators Ranesh and others allegedly conspired to remove, convert, and sell four industrial generators valued at over N450 million between September and December 2018.
- Fraudulent Diversion of Funds The defendants allegedly conspired to divert N864 million and N60.3 million, part of the bond proceeds from Ecobank meant for resuscitation of production at Dana Steel Rolling Factory in Katsina.
The cumulative sum involved in the charge is N1.374 billion. The defense attorney, B. Ademola-Bello, argued that Ranesh was not in the country and that jurisdictional issues should be addressed first. However, Justice Egwuatu insisted that Ranesh's absence disrespected the court.
The case has been adjourned until January 13, 2025. Ranesh's arrest warrant is a significant development in the case, demonstrating the court's commitment to holding individuals accountable for their actions.
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