A Federal High Court in Lagos has rejected attempts by two Indian nationals, Prem Garg and Devashish Garg, and a British national, Marcus Wade, to cancel a bench warrant issued for their arrest and extradition.
This warrant is linked to an alleged $42.485 million fraud involving Ecobank Plc.
The defendants, who include Prem Garg and Devashish Garg, along with Marcus Wade, Chairman of Wilben Trade Limited in Dubai, are accused of defrauding Ecobank Plc of $42,485,900. The alleged fraud involved pretending to use the funds to buy and import parboiled rice from Nigeria to India.
The court detailed the charges, noting that between May and September 2015, the defendants conspired to commit fraud. The charges include, “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 UAE), and Marcus Wade (Chairman of Wilben Trade Ltd, Dubai, of British nationality), at Ecobank Plc, Lagos, conspired to commit an offense punishable under Section 422 of the Criminal Code Act.”
The charges further specify, “You caused Ecobank Plc to deliver $42,485,900 intended for buying and importing parboiled rice, but the money was never used for the contract, committing an offense punishable under Section 421 of the Criminal Code Act.”
Despite these serious allegations, the defendants have not appeared in court to respond to the charges. As a result, the Attorney-General of the Federation (AGF) requested a bench warrant and extradition, which was granted by Justice Akintayo Aluko in November 2023.
The defendants’ lawyers, Dele Belgore and Dr. Dada Awosika, SANs, had tried to cancel the arrest and extradition orders. However, Mrs. Kehinde Bode-Ayeni, representing the AGF, opposed their requests.
Justice Aluko ruled, “The proceedings before the Magistrate Court in Delhi, India, cannot stay criminal proceedings in Nigeria because it is not purely a criminal proceeding. It is a proceeding in Nigerian court as constituted by the Nigerian constitution.” He added, “An order of status quo granted by another court cannot affect the criminal charges pending in this court.”
Justice Aluko concluded, “There is no merit in the applications filed by the defendants.” The judge dismissed the applications and set the next hearing for October 24 to report on the bench warrant and continue proceedings.
