How Indians, Briton, Allegedly Committed $42.4m Fraud At ECOBANK - FGN

•As Court Gives Feb. 13 For Report On Bench Warrant Against Defendants 

A Federal High Court, Ikoyi, Lagos, has fixed February 13, 2024, for a report of service on the Bench Warrant issued against two Indian nationals, Prem Garg, Devashish Garg and a Briton, Marcus Wade, who were charged over alleged fraud to the tune of $42,485,900.00. 

The court, presided over by Justice Aluko arrived at the date following the absence of the prosecutor, the defendants, and their lawyers when the matter came up on November 15, 2023.

The defendants were dragged before the court by the Federal Government of Nigeria (FGN) through the office of the Attorney-General of the Federation (AGF) on charges bothering on conspiracy, obtaining by false pretence, cheating and criminal conversion of funds to the tune of $42,485,900.00.

The trio were also alleged to have committed the offence alongside two limited liability firms, Agrico Agbe Limited, registered in Nigeria, and Wilben Trade Limited, registered in Dubai, the United Arab Emirates (UAE).

The foreigners alongside their firms were further alleged to have committed the offence sometime in May and September 2015 at ECOBank Plc., Lagos.

However, as a result of the continued failure of the defendants to appear before the court for their plea to be taken, the prosecutor, Dr Pius Ukeyima Akutah, on July 19, applied to the court for a bench warrant against them. 

In his submission, Dr Akutah hinted to the judge that unless the court issues the bench warrant, the Indian businessmen will never be in court to take their plea on the charge slammed against them.

This prompted Justice Aluko to issue a bench warrant against the defendants.

The Indians and the Briton were accused of fraud in a petition to the Department of Public Prosecutions (DPP), Federal Ministry of Justice, Abuja, by Ecobank Nigeria, in connection with a request for a loan facility for the importation of rice in 2015.

Consequently, the financial institution opened letters of credit for $42,485,900.00, in favour of Wilben Trade Limited, Dubai for the importation of rice.

Ecobank alleged that the company had requested 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 AGF had in consideration of a police (INTERPOL NCB) investigation report indicted the foreign nationals and their firms.

As a result, they were slammed with five count-charge of conspiracy, obtaining by false pretence, cheating and criminal conversion in a charge numbered FHC/L/562C/2022, dated October 7, 2022.

Part of the charge 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 May and September 2015 at ECOBANKPlc. 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 May and September 2015 at ECOBANK 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 $42,485,900.00 (Forty-Two Million, Four Hundred and Eighty-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.”

All rights reserved. This material and other digital volumes on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from THE NEWS ACCELERATOR NETWORK.

For advert placement, please contact thenewsacceleratornetwork@gmail.com or 08033599492. For news coverage or press releases, call 08022717838.