Three foreigners to stand trial for defrauding Ecobank $42 million
The Federal High Court sitting in Lagos State before Justice Akintayo Aluko has issued a warrant for the arrest and extradition of three foreign nationals for defrauding Ecobank of over $42m.
The Authority reports that the extradited foreigners include Prem Garg, Devashish Garg and Marcus Wade.
According to the court, the order is to enable the 3 persons to stand trial in Nigeria over an allegation of fraud amounting to US$ 42,485,900.00 (Forty-Two Million Four Hundred and Eighty-Five thousand Nine Hundred Dollars).
Ecobank Nigeria is accusing the trio of fraud. In a petition to the Department of Public Prosecutions, Federal Ministry of Justice, Abuja, the Company (Agrico Agbe Limited and Wilben Trade Limited, Dubai) requested a loan facility from Ecobank for the importation of Rice in 2015.
According to documents obtained, the bank opened letters of credit in the sum of USD 42,485,900.00 in favour of Wilben Trade Limited, Dubai for the importation of rice.
The bank 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, it explained, was to be repaid primarily from the proceeds of the sale realized from the imported products and other revenues realised 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 3 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.
Count one charge stated 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 committing an offence punishable under Section 422 of the Criminal Code Act, Cap C38 Laws of the Federation of Nigeria, 2004.
While Count 4 charge said: “That you, Prem Garg and 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, 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.”
Having heard a motion for the issuance of a warrant of arrest in the 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 to stand trial in Nigeria.
Findings indicated 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 honour its credit to the tune of $20M on a Standby Letter of credit knowing fully well that no commodity was in transit to Nigeria to the benefit of Ecobank Nigeria from Prem Garg and the trio.
The investigation, however, shows that while Devashish Garg and his son Prem Garg, both of Indian nationality are still at large, their company, Agrico Agbe Limited is located at KM 16 Ikorodu Shagamu Road, Ewe, Junction, Ogun state Nigeria.
Whereas Marcus Wade, a British citizen and his company Wilben Trade Limited, Dubai are at Level 41, Emirates Towers, Sheikh Zayed Road, Dubai, United Arab Emirates.
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