Federal Government seeks arrest warrant for Dana Air MD in fraud case

The Federal Government has requested a Federal High Court in Abuja to issue a bench warrant for the arrest of Hathiramani Ranesh, Managing Director of Dana Air, due to his failure to appear for arraignment in a case involving an alleged N1.3 billion fraud.

Mojisola Okeya, representing the Attorney-General of the Federation, made the application before Justice Obiora Egwuatu after Ranesh’s absence in court.

The government has filed a six-count charge against Ranesh and two associated companies, Dana Group PLC and Dana Steel Ltd, alleging various financial crimes dating back to 2014.

The charges include conspiracy to misappropriate four industrial generators, valued at over N450 million, from Dana Steel Rolling Factory, as well as diverting funds meant for the factory’s operations.

Specifically, the defendants are accused of fraudulently diverting N864 million in bond proceeds from Ecobank and misappropriating N60.3 million to an unrelated account.

The cumulative amount involved in the allegations is approximately N1.37 billion, with all offenses reportedly violating Section 516 of the Criminal Code Act.

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During the proceedings, Managing Director of Dana Air defense attorney, B. Ademola-Bello, contested the court’s jurisdiction, insisting that a preliminary objection should be resolved before arraignment.

He argued that the prosecution had already been served with this objection.

In contrast, Okeya asserted that the defendants should be arraigned before any further applications could be entertained.

Justice Egwuatu has adjourned the case until November 4, requiring both parties to address the court regarding whether the preliminary objection should be considered prior to the arraignment.

The situation remains tense as the court navigates the procedural complexities of this high-profile case.