Businessman Yagnesh Devani has been released on Sh5 million cash bail after appearing in court over his alleged involvement in the Sh7.5 billion Triton oil scandal.

Magistrate Thomas Nzioki granted Devani bail on Monday, offering an alternative of a Sh20 million bond with two sureties.

The court decision followed a pre-bail report that confirmed Devani’s Kenyan citizenship.

In his ruling, the magistrate stated that the prosecution had failed to present compelling reasons to deny the businessman bail.

Defence counsel Moses Kulgat and Hillary Kiplagat successfully argued that Devani had not attempted to evade Kenyan authorities, citing his extended stay in the United Kingdom to contest an extradition order issued in 2009.

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The court also noted that Devani is a major shareholder in Triton Petroleum Company Limited and ordered him to answer charges on behalf of the company.

Devani faces charges of defrauding Emirates Petroleum Company of Sh7.5 billion through fraudulent oil transactions.

The matter will return to court on August 29 for a pre-trial hearing.

The case has attracted significant public interest due to its financial implications and the length of time it has taken to reach this stage.