FG Seeks Arrest of Dana Air MD Over N1.3 Billion Fraud Case

FG has sought the arrest of Dana Air MD Over the N1.3 billion fraud case.

 

Truetells Nigeria reports that the Federal Government has requested the issuance of a bench warrant against Mr. Hathiramani Ranesh, Managing Director of Dana Air, for his failure to appear before a Federal High Court in Abuja in connection with a N1.3 billion fraud.

 

The request, made on Thursday, and reported by the News Agency of Nigeria (NAN), sought to compel Mr. Ranesh’s appearance in court for his arraignment on the fraud charges.

 

This Nigeria news platform understands that Mojisola Okeya, counsel to the Attorney-General of the Federation (AGF), made the oral application before Justice Obiora Egwuatu to issue the warrant, citing Ranesh’s repeated absence.

“The Federal Government, on Thursday prayed a Federal High Court in Abuja to issue a bench warrant for the arrest of the Managing Director (MD) of Dana Air, Mr Hathiramani Ranesh. 

 

“The federal government alleged that Ranesh has refused to appear for his arraignment in the alleged N1.3 billion fraud,” the NAN report read in part.

Okeya emphasized the gravity of the charges, which include the fraudulent conversion and diversion of funds originally intended to revive operations at Dana Steel Rolling Factory in Katsina.

 

Truetells Nigeria recalls that the Federal Government, through the AGF’s office, filed a six-count charge against Ranesh, Dana Group PLC, and Dana Steel Ltd. These charges, detailed in court filings marked FHC/ABJ/CR/101/2021, include allegations of conspiracy, misappropriation, and fraudulent diversion of funds and assets.

• The case dates back to events between September and December 2018, when Ranesh and others allegedly sold industrial generators valued at over N450 million. These assets were reportedly part of a deed of asset debenture held as collateral for a bond from Ecobank.

• Additionally, the charges highlight incidents in 2014 where the defendants are accused of conspiring to divert N864 million of the bond proceeds meant to boost production at the Katsina facility.

• They allegedly transferred this amount to other accounts for unapproved uses. The indictment further claims that N60.3 million was diverted to an account with Access Bank, intended for purposes outside the bond’s original scope.

• All the alleged offences are said to be contrary to the provisions of the Criminal Code Act, Laws of the Federation of Nigeria, 2004, which carry significant legal consequences. Given Ranesh’s failure to attend previous court sessions, Okeya urged the court to compel his appearance through a bench warrant.

However, Ranesh’s defense counsel, B. Ademola-Bello, opposed the request, arguing that a preliminary objection had been filed, questioning the court’s jurisdiction to hear the matter.

He insisted that this objection must be resolved before any arraignment can proceed. Okeya countered that the law requires the defendants to be formally arraigned before any other motions, including jurisdictional objections, are considered.

Justice Obiora Egwuatu, presiding over the matter, asked the defense to cite any specific section of the Administration of Criminal Justice Act (ACJA), 2015, that supports their claim. Following this, the judge adjourned the case to November 4, allowing both parties to present further arguments on whether the objection should be resolved prior to Ranesh’s arraignment.

This case brings significant attention to the legal responsibilities of corporate leadership and the need for accountability in handling large-scale financial transactions, particularly those tied to government bonds and economic projects.