A Federal High Court in Abuja has issued an arrest warrant for Dana Air MD Hathiramani Ranesh for failing to appear in court regarding a N1.3 billion fraud case.
[dropcap]A[/dropcap] Federal High Court in Abuja has issued an arrest warrant for Hathiramani Ranesh, the Managing Director of Dana Air, following his failure to appear in court to respond to serious fraud charges.
The Attorney General of the Federation has filed a six-count charge against Ranesh and two other defendants, alleging significant financial misconduct.
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The allegations date back to incidents occurring between September and December 2018, where Ranesh, along with the two companies and others at large, is accused of conspiring to illegally remove and sell four industrial generators valued at over N450 million.
These generators formed part of the Deed of Asset Debenture that was used as collateral security for a bond issued in their favour.
In a separate allegation, it is claimed that on April 7th and 8th, 2014, the defendants conspired to fraudulently divert N864 million, which was part of bond proceeds from Ecobank intended for revitalising operations at Dana Steel Rolling Factory in Katsina.
Additionally, they are accused of conspiring to transfer N60.3 million to an account belonging to Atlantic Shrimpers.
The cumulative total of the alleged fraud amounts to N1,374,300,000. Justice Obiora Egwuatu ruled that the issuance of the arrest warrant was warranted due to Ranesh’s multiple absences from court proceedings despite being served with the charges.
Under Section 184 of the Administration of Criminal Justice Act (ACJA) 2015, the court has the authority to issue arrest warrants for defendants who fail to appear.
Justice Egwuatu stated, “The 1st defendant is bound to appear before the court, and if he does not, the court can issue a warrant for his arrest.”
The court has scheduled Ranesh to appear on January 13, 2025, to address the objections related to the case. The case has been adjourned until that date for further hearing.
The Federal Government’s attorney, Mojisola-Okeya Esho, had previously requested the bench warrant due to Ranesh’s absence in connection with the N1.3 billion fraud allegations.
However, defence attorney B. Ademola-Bello argued that a preliminary objection regarding the court’s jurisdiction had been filed and served to the prosecution. Esho countered, emphasising the need for the defendants to be present.
