Justice Akintayo Aluko of a Lagos Federal High Court, has adjourned to February 13, 2024, for report of service on Bench Warrant issued against two India nationals, Prem Garg, Devashish Garg and a briton, Marcus Wade, who were charged before the court over alleged $42, 485, 900.00 USD fraud

The two india nationals and the Briton were charged before the court by the federal government through the office of the Attorney-General of the Federation (AGF) on charges of conspiracy, obtaining by false pretence, cheating and criminal conversion of funds to the tune of $42, 485,900.00 USD.

The defendants were alleged to have committed the offences 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 and their firms were alleged to have committed the offences sometime in the month of May and September, 2015 at Eco Bank Plc., Lagos.

But with the persistence failure of the defendants to appear before the court for their plea to be taken, the prosecutor, Dr. Pius Ukeyima Akutah, had on July 19, applied the court for a bench warrant against them.

Dr. Akutah, who was recently appointed as the Executive Secretary/Chief Executive Officer of the Nigerian Shippers’ Council (NSC) in his submissions, told the court that unless the court issue the bench warrant, the India businessmen will never be in court to take their plea on charges against them.

With the submissions made by the prosecutor, Justice Aluko, issued the bench warrant against the indians and the Briton, while adjourned the matter till November 15, for report.

However, at the resumed hearing of the matter on November 15, neither the prosecutor, the defendants and their lawyers were in court, consequently, Justice Aluko adjourned the matter to February 13, 2024, for report of compliance of the bench warrant.

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

The bank hence opened letters of credit in the sum of $42, 485,900.00 USD, in favour of one Wilben Trade Limited, Dubai for importation of rice.

Ecobank 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.
Adjourned to February 13, 20203

The Attorney-General of the Federation had in consideration of a police (INTERPOL NCB) investigation report indicted the foreign nationals and their firms.

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

Parts 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 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 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 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 $42, 485,900.00 (forty-Two Million, Four Hundred and Eight Five Thousand, Nine Hundred US Dollars) 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 offence punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”