British, Indian citizens accused of defrauding Ecobank lose extradition appeal

A Federal High Court in Lagos has dismissed applications by Indian nationals, Prem Garg and Devashish Garg, along with Briton Marcus Wade, seeking to quash a bench warrant issued for their arrest and extradition.

The warrant relates to a $42.485 million fraud involving Ecobank Plc.

The defendants, associated with Wilben Trade Limited in Dubai, are accused of conspiring to defraud Ecobank by falsely claiming to use the funds to purchase and import parboiled rice from Nigeria to India.

The charges, detailed in case number FHC/L/562C/2022, dated October 7, 2022, include the following counts: “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 the month of May and September, 2015 at Ecobank Plc., Lagos within the jurisdiction of this court conspired between yourselves to commit an offence 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 of Indian parboiled rice but never utilised 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.”

Federal High Court

Despite the pending charges, the defendants failed to appear in court, prompting the Attorney-General’s office to secure the bench warrant from Justice Akintayo Aluko in November 2023. The defendants’ attempt to overturn the warrant was rejected by Justice Aluko, who ruled that the applications lacked merit.

READ ALSO: Federal High Court Judges begin 2024 annual vacation July 23

On a final note, Justice Aluko held, “There is no merit in the applications filed by the defendants.”

The judge held that the two applications lacked merit and the same were dismissed.

The case was adjourned to October 24 for further proceedings.