Two Indians Accused of Defrauding Bank, Lose Bid to Quash Arrest Warrant

A Lagos Federal High Court, has dismissed the applications filed by two Indian nationals, Prem Garg, Devashish Garg and a Briton, Marcus Wade, to quash a bench warrant issued for their arrest and extradition, issued against them on alleged of $42,485,900 million USD fraud, for lacking in merit.

The two Indians and the Brit­on who is the Chairman of Wil­ben Trade Limited, Dubai, and their companies; Agrico Agbe Limited, Wilben Trade Limit­ed, Dubai, are being charged before the court by the office of the Attorney-General of the Federation (AGF) for allegedly defrauding Ecobank Plc of the sum of $42,485,900 million USD, with the pretence of using the money to purchase and import into India parboiled rice Nigeria.

Counts one and four against the defendants in the charge marked FHC/L/562C/2022, dat­ed October 7, 2022, reads, “That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Limited (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 Ecobank 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 Lim­ited (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 Ecobank Plc to deliv­er monies to the tune of $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 utilised 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.”

However, while the charge is pending, the defendants did not appear in court to take their pleas on the charges. The development made the office AGF, through its lawyer, Dr. Pius Ukeyima Aku­tah, now Executive Secretary/ Chief Executive Officer (CEO) of Nigerian Shippers Council, to file applications before the court for issuance of bench warrant and possible extradition against them.

The application was granted by the justice Akintayo Aluko, sometimes in November 2023.

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However, the defendants, through their lawyers, Dele Bel­gore and Dada Awosika (both Se­nior Advocate of Nigeria), filed applications to quash the orders for their arrest and extradition.

The application was conspic­uously countered by the AGF through its lawyer, Mrs. Kehinde Bode-Ayeni, who inherit the case file from Dr. Akutah.