ADVERTISEMENT
The Moment Nigeria
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
The Moment Nigeria
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport

Two Indians accused of defrauding Ecobank $42.2m loses bid to quash extradition

by Usman Kadri
August 12, 2024
Reading Time: 3 mins read
Two Indians accused of defrauding Ecobank $42.2m loses bid to quash extradition
Share on FacebookShare on TwitterShare on WhatsappShare on LinkedIn

A Federal High Court, sitting in Lagos on Monday has dismissed the applications filed by two Indian nationals, Prem Garg, Devashish Garg and a Briton, Marcus Wade, to quash a bench warrant issued for their arrest and extradition, issued against them on alleged of $42,485,900 million USD fraud, for lacking in merit.

The two Indians the Briton who is the Chairman of Wilben Trade Limited, Dubai, and their companies; Agrico Agbe Limited, Wilben Trade Limited, Dubai, are being charged before the court by the office of the Attorney-General of the Federation (AGF) for allegedly defraud Ecobank Plc of the sum of $42,485,900 million, with the pretence of using the of money to purchase and import into India parboiled rice Nigeria.

Counts one and four against the defendants in the charge marked FHC/L/562C/2022, dated October 7, 2022, reads, “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 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.

RELATED STORIES

Court Orders Final Forfeit 20 'Stolen' Cars From Canada

Alleged $1 billion scam: Court refuses CBEX promoters bail requests from EFCC custody

June 30, 2025
Lagos Socialite Fajembola sues Police over harassment claims, demands N50m damages

Lagos Socialite Fajembola sues Police over harassment claims, demands N50m damages

June 30, 2025

“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 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 Ecobank 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.”

However, while the charge is pending, the defendants did not appear in court to take their pleas on the charges. The development that made the office AGF, through its lawyer, Dr. Pius Ukeyima Akutah, now Executive Secretary/Chief Executive Officer (CEO) of Nigerian Shippers Council, to file applications before the court for issuance of bench warrant and possible extradition against them.

The application was granted by the justice Akintayo Aluko, sometimes in November 2023.

But the defendants, through their lawyers, Dele Belgore and Dr. Dada Awosika (both Senior Advocate of Nigeria), filed applications to quash the orders for their arrest and extradition.

The application was conspicuously countered by the AGF through its lawyer, Mrs. Kehinde Bode-Ayeni, who inherit the case file from Dr. Pius Akutah.

Justice Aluko in delivering his ruling said that the proceedings before Magistrate court in Delhi Indian can not operate as a stay in Criminal proceedings in Nigeria because its not purely a criminal proceedings, moreso it a proceedings in Nigerian court as constituted by the Nigerian constitution.

The second issue is that an order of status quo granted by another court can not viciate the criminal charge pending in this court. The position of the administration of criminal justice Act which regulate criminal proceedings in Nigeria have stipulated that the criminal and civil proceedings can be going simultaneously.

On the final note, Justice Aluko held that “there is no merit in the applications filed by the defendants.

The judge also held that the two applications lack merit and same are dismissed.”

Consequently, Justice Aluko the case to October 24, for report on bench warrant and further proceedings.

Next Post
Nine firms purchase $25.76m from CBN’s retail Dutch auction to repay loans

Nine firms purchase $25.76m from CBN’s retail Dutch auction to repay loans

More Articles...

Court Orders Final Forfeit 20 'Stolen' Cars From Canada

Alleged $1 billion scam: Court refuses CBEX promoters bail requests from EFCC custody

June 30, 2025
Sanwo-Olu reacts to Lagos spending

LG Polls: Sanwo-Olu charges APC members to defeat opposition candidates

June 30, 2025
Lagos Socialite Fajembola sues Police over harassment claims, demands N50m damages

Lagos Socialite Fajembola sues Police over harassment claims, demands N50m damages

June 30, 2025
My company paid N450bn in taxes in 2024 – Dangote tells Pres. Tinubu

Dangote’s investment of N720bn on CNG Trucks to save Nigerians N1.7trn

June 30, 2025
Entries now open for the 11th edition of the Maltina Teacher of the Year Competition

Entries now open for the 11th edition of the Maltina Teacher of the Year Competition

June 28, 2025
Lagos FA set to honour Billy Thanni with Lifetime Achievement Award

Lagos FA set to honour Billy Thanni with Lifetime Achievement Award

June 28, 2025

STANBIC IBTC ADVERT

About Us

Themomentng.com is an online community of reporters and social advocates dedicated to bringing you features, news reports by Africans, but from a global perspective.

Contact Us

+447771081433
+2348051966180(WhatsApp/SMS Only)
Email: themomentng@gmail.com

Categories

  • Business
  • Education
  • Entertainment
  • Events
  • Featured
  • Food
  • Foreign
  • Health
  • Interviews
  • Life and Styles
  • Metro
  • Motoring
  • News
  • Opinion
  • Politics
  • Religion
  • Society
  • Sport
  • Technology
  • Top Story

Follow Us

Facebook Twitter Instagram

Copyright © Themomentng.com. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport