Court Rejects Appeal by Indian, British Nationals in Ecobank Fraud

A Federal High Court in Lagos has rejected the applications by Indian nationals Prem Garg and Devashish Garg, and British national Marcus Wade, to overturn a bench warrant issued for their arrest and extradition.

The warrant relates to an alleged $42.485 million fraud. The court deemed the applications unmeritorious.

The defendants—Prem Garg, Devashish Garg, and Marcus Wade, Chairman of Wilben Trade Limited, Dubai—are charged by the Attorney-General of the Federation (AGF) with defrauding Ecobank Plc of $42,485,900.

The purported scheme involved falsely claiming the funds were for purchasing and importing parboiled rice from Nigeria to India.

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The charges, detailed in case number FHC/L/562C/2022, dated October 7, 2022, are as follows:

“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), and Marcus Wade (Chairman of Wilben Trade Ltd, Dubai, of British nationality), between May and September 2015, at Ecobank Plc, Lagos, conspired to commit an offense 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 May and September 2015 at Eco Bank Plc., Lagos within the jurisdiction of this court conspired between yourselves to commit an offense to wit: Cheating in that you caused Ecobank Plc to deliver monies to the tune of $42,485,900, 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 offense punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”

Despite the pending charges, the defendants did not appear in court to enter pleas. Consequently, the AGF, represented by Dr. Pius Akutah (now CEO of the Nigerian Shippers Council), sought a bench warrant and potential extradition. Justice Akintayo Aluko granted this request in November 2023.

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The defendants’ lawyers, Dele Belgore and Dr. Dada Awosika, SANs, then filed motions to quash the arrest and extradition orders. The AGF’s counsel, Mrs. Kehinde Bode-Ayeni, countered the motions.

Justice Aluko ruled that proceedings before a Magistrate Court in Delhi, India, do not affect the Nigerian criminal proceedings.

He noted that an order for status quo from another court does not invalidate ongoing criminal charges in Nigeria. The administration of Criminal Justice Act allows for simultaneous criminal and civil proceedings.

Ultimately, Justice Aluko found no merit in the defendants’ applications and dismissed them. The case has been adjourned to October 24 for a report on the bench warrant and further proceedings EKO HOT BLOG reports.

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