ABUJA  – The Federal High Court sitting in Lagos before Justice Akintayo Aluko on the 17th of January, 2023 issued a warrant for the arrest and extradition of three foreign nationals, namely Prem Garg, Devashish Garg and Mar­cus Wade to enable them stand trial in Nigeria over allegation of fraud amounting to US$ 42,485,900.00 (Forty-Two Million Four Hundred and Eighty-Five thousand Nine Hundred Dol­lars) against a Nigerian Bank.

The trio are accused of fraud by one of the leading commer­cial banks, in a petition to the Department of Public Prosecu­tions, Federal Ministry of Jus­tice, Abuja, that the Company (Agrico Agbe Limited and Wil­ben Trade Limited, Dubai) had requested for a loan facility from them for the importation of Rice in 2015.

According to documents ob­tained by this Newspaper, the bank opened letters of credit in the sum of USD 42,485,900.00 in favour of Wilben Trade Limited, Dubai for importation of rice.

The bank 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 realised from the imported products and other revenues realized from the business in accordance with the agreement.

The Attorney General of the Federation has in consideration of a police (INTERPOL NCB) investigation report indicted Wilben Trade Limited Dubai, Marcus Wade and 3 others in a five counts charge for con­spiracy, obtaining by false pre­tense, cheating and criminal conversion in charge number FHC/L//562C/2022, dated 7th October, 2022, before the Federal High Court, Lagos.

Having heard a motion for the issuance of warrant of ar­rest in first instance moved by the prosecuting counsel (Pius Ukeyima Akutah Assistant Di­rector in the office of the Attor­ney General of the Federation and Minister of Justice with A.S. Bello, the Presiding Judge Hon. Justice Akintayo Aluko considered it deserving and granted the warrants for the arrest of Marcus Wade, Prem Garg and Devashish Garg with the view to and for the purpose of their extradition to enable them stand trial in Nigeria.

From the information avail­able to our Correspondent, Wil­ben Trade Limited Dubai and its founder conspired, aided and abetted the fraud against the bank when it willfully and deliberately communicated to the Bank that the commodi­ties (Indian Parboiled Rice) for which the letter of credit was established have being supplied and shipped to Nigeria while knowing or having reason to know that there was no such commodity shipped to Nigeria.