CRIMINAL PROSECUTION 04/03/2023
Court Orders Arrest, Extradition Of 3 Foreigners For Defrauding Nigerian Bank $42m
A Federal High Court sitting in Lagos presided by Justice Akintayo Aluko, has issued a warrant for the arrest and extradition of three foreign nationals, Prem Garg, Devashish Garg and Marcus Wade to enable them stand trial in Nigeria over allegation of fraud amounting to US$42,485,900.00 against a Nigerian Bank.
The trio were accused of fraud by Ecobank Nigeria, in a petition to the Department of Public Prosecutions, Federal Ministry of Justice, Abuja, that a Company (Agrico Agbe Limited and Wilben Trade Limited, Dubai) had requested for a loan facility from them for the importation of rice in 2015.
According to documents obtained by our Correspondent, the bank opened letters of credit in the sum of USD 42,485,900.00 in favour of 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 realized from the imported products and other revenues realized from the business in accordance with the agreement.
The Attorney General of the Federation has in consideration of a police (INTERPOL NCB) investigation report indicted Wilben Trade Limited Dubai, Marcus Wade and three others in a five counts charge for conspiracy, obtaining by false pretense, cheating and criminal conversion in charge number FHC/L//562C/2022, dated October 7, 2022, before the Federal High Court, Lagos.
Having heard a motion for the issuance of warrant of arrest in first instance moved by the prosecuting counsel (Pius Ukeyima Akutah Assistant Director in the office of the Attorney General of the Federation and Minister of Justice with A.S. Bello) the Presiding Judge, Hon. Justice Akintayo 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.
From the information available to our Correspondent, Wilben Trade Limited Dubai and its founder conspired, aided and abetted the fraud against Ecobank Nigeria when it willfully and deliberately communicated to the Bank that the commodities (Indian Parboiled Rice) for which the letter of credit was established have being supplied and shipped to Nigeria while knowing or having reason to know that there was no such commodity shipped to Nigeria.
Furthermore, Marcus Wade caused a mail to be forwarded to Ecobank Nigeria to honor its credit to tune of $20M on a Standby Letter of credit knowing fully well that no commodity was on transit to Nigeria to the benefit of Ecobank Nigeria from Prem Garg and the trio.
