Federal High Court sitting in Lagos State has issued a warrant for the arrest and extradition of two Indian nationals, Prem Garg, and Devashish Garg, and a Briton, Marcus Wade to enable them to stand trial in Nigeria over allegation of fraud amounting to US$ 42,485,900.00.
Justice Akintayo Aluko issued the warrant against the foreign nationals to stand trial over the fraud allegations against a Nigerian Bank.
The trio are accused of fraud in a petition to the Department of Public Prosecutions, Federal Ministry of Justice, Abuja, by Ecobank Nigeria, in connection with request for a loan facility for the importation of rice in 2015.
The bank hence opened letters of credit in the sum of USD 42,485,900.00 in favour of one Wilben Trade Limited, Dubai for importation of rice.
The bank alleged that the company had requested for an Import Finance Facility loan (IFF) for the importation of India Parboiled rice to Nigeria which was granted by the bank.
The facility was to be repaid primarily from the proceeds of the sale realised from the imported products and other revenues realised from the business in accordance with the agreement.
The Attorney-General of the Federation had in consideration of a police (INTERPOL NCB) investigation report indicted the foreign nationals and others in a five counts charge for conspiracy, obtaining by false pretence, cheating and criminal conversion in charge number FHC/L//562C/2022, dated 7th October, 2022, before the Federal High Court, Lagos, Counts 1 and 4 are produced below thus:
The counts read, “That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Ltd. (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Eco Bank Plc. Lagos within the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence thereby committed an offence punishable under Section 422 of the Criminal Code Act, Cap C38 Laws of the Federation of Nigeria, 2004.
“That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Ltd. (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Eco Bank Plc. Lagos within the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence to wit: Cheating in that you caused Eco Bank Plc to deliver monies to the tune of US$42,485,900.00 (forty-Two Million, Four Hundred and Eight Five Thousand, Nine Hundred US Dollars) which was intended by contract for the purchase and import into Nigeria India Parboiled rice but never utilized the sum of money for the contract and thereby committed an offence punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”
Having heard a motion for the issuance of warrant of arrest in first instance moved by the prosecuting counsel (Pius Ukeyima Akutah), an Assistant Director in the office of the Attorney General of the Federation and Minister of Justice with A.S. Bello, the presiding judge, Aluko considered it deserving and granted the warrants for the arrest of Marcus Wade, Prem Garg and Devashish Garg with the view to and for the purpose of their extradition to enable them stand trial in Nigeria.
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