Court Orders Arrest, Extradition of Three (3) Foreigners for Defrauding Nigerian Bank of $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 allegations of fraud against Ecobank Nigeria Limited (the Bank) amounting to $42,485,900.00 (Forty-Two Million Four Hundred and Eighty-Five Thousand Nine Hundred United States Dollars Only)

In a petition to the Department of Public Prosecutions, Federal Ministry of Justice, Abuja, it has been alleged by the Bank that the trio through the Companies, Agrico Agbe Limited and Wilben Trade Limited, Dubai had requested for an Import Finance Facility loan for the importation of India Parboiled rice to Nigeria in 2015. It is reported that the Bank opened letters of credit in the sum of $42,485,900.00 in favour of Wilben Trade Limited, Dubai for the importation to Nigeria. 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 granted the warrants for the arrest of Marcus Wade, Prem Garg and Devashish Garg for the purpose of their extradition to enable them stand trial in Nigeria.

Furthermore, Marcus Wade caused a mail to be forwarded to the Bank to honor its credit to the tune of $20M on a Standby Letter of credit knowing fully well that no commodity was on transit to Nigeria to the benefit of the Bank from Prem Garg and the trio.

Source: The Nigerian Lawyers.