Prem Garg, Devashish Garg, and Marcus Wade are three foreign nationals, and Justice Akintayo Aluko of a Federal High Court in Lagos has issued a warrant for their arrest and extradition so they can face prosecution in Nigeria for alleged fraud totaling $42,485,900, Entrepreneurng report.
The three are charged with fraud by Ecobank Nigeria in a petition to the Federal Ministry of Justice, Abuja, alleging that two businesses, Agrico Agbe Limited, and Wilben Trading Limited, had asked for a loan facility from them in 2015 for the importation of rice.
In essence, Ecobank established letters of credit for the importation of rice from Wilben Trading Limited in Dubai for $42,485,900.
The bank had said that the company had applied for and received a loan under its Import Financing Facility to import parboiled rice from India into Nigeria.
The proceeds from the sales of the imported goods and other revenues earned from the business by the agreement were to be used largely for repaying the facility.
However, the Attorney General of the Federation, Abubakar Malami, indicted Wilben Trade Limited Dubai, Marcus Wade, and three other people in charge of a five-count charge of conspiracy, obtaining by pretense, cheating, and criminal conversion in charge number FHC/L/562C/2022, filed before the Federal High Court in Lagos on October 7, 2022.
Lagos within the jurisdiction of this Honorable Court conspired to commit an offense, specifically cheating in that you caused Eco Bank Plc to deliver funds totaling $42,485,900m that were intended by contract for the purchase and importation of Indian parboiled rice into Nigeria but never used 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.
Justice Akintayo Aluko, the presiding judge, granted the warrants for the arrest of Marcus Wade, Prem Garg, and Devashish Garg, and for, their extradition to enable them to stand trial after hearing a motion for the issuance of an arrest warrant in the first instance moved by the prosecuting counsel, an Assistant Director in the office of the AGF and Minister of Justice, Pius Akutah with A.S
When Wilben Trade Limited Dubai and its founder willfully and deliberately informed the bank that the commodities (Indian parboiled rice) for which the letter of credit was established had been supplied and shipped to Nigeria while knowing or having reason to know that no such commodity had been shipped to Nigeria they conspired, aided, and abetted the alleged fraud against Ecobank Nigeria.
Malami was fully prepared to see to it that those responsible for the fraudulent acts are prosecuted in Nigeria, according to sources at the AGF’s office.
To ensure that they are returned to Nigeria to stand trial, the office of the AGF is cooperating with relevant local and international law enforcement authorities and partners. Investigations found that Marcus Wade ordered a letter to be submitted to Ecobank Nigeria to honor a $20 million credit on a standby letter of credit, although knowing full well that no goods from Prem Garg and the three were in transit to Nigeria for the advantage of Ecobank Nigeria.
Investigations also revealed that Marcus Wade ordered a letter to be forwarded to Ecobank Nigeria to honor a $20 million credit on a standby letter of credit, despite knowing full well that no goods from Prem Garg and the trio were in transit to Nigeria for the benefit of Ecobank Nigeria.
Again the Law Union and Rock Insurance Plc, Nigerian Shippers Council, and Nigerian Port Authority were also under investigation to confirm the veracity of the alleged shipping documents that Marcus Wade and Wilben Trade Limited, Dubai, had forwarded to carry out their fraudulent scheme against Ecobank Nigeria Plc.
In conclusion, it was determined that none of the mentioned vessels berthed in a Nigerian port during the relevant period, and all of the documents were deemed to be invalid for the importation of rice into Nigeria.
Source: Punch
