Ecobank Loses $42millon To Fraudulent Actions

A federal excessive courtroom sitting in Lagos has dismissed the functions filed by three foreigners to quash a bench warrant issued for his or her arrest and extradition over a $42.48 million fraud allegations.

The foreigners are two Indian nationals, Prem Garg and Devashish Garg and a Briton, Marcus Wade, chairman of Wilben Commerce Restricted.

On October 7, 2022, Ecobank petitioned the division of public prosecutions (DPP) over $42,485,900 fraud allegations in opposition to the foreigners and their corporations; Wilben Commerce Restricted, Dubai, and Agrico Agbe Restricted.

The trio had been charged earlier than the courtroom by the workplace of the attorney-general of the federation (AGF) for allegedly defrauding Ecobank Plc of $42,485,900 million.

They’d requested a mortgage facility from Ecobank for the importation of rice in 2015.

Within the cost marked FHC/L/562C/2022, counts one and 4 in opposition to the defendants confirmed that the plaintiffs had collected cash from the financial institution however by no means confirmed up.

“That you just, Prem Garg, Devashish Garg each of Iand ndian nationality, Agrico Agbe Restricted (an organization registered in Nigeria), Wilben Commerce Restricted, Dubai (an organization registered within the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Commerce Ltd, Dubai) of British nationality, someday within the month of Might and September, 2015 at Ecobank Plc, Lagos inside the Jurisdiction of this honourable courtroom conspired between yourselves to commit an offence thereby dedicated an offence punishable below Part 422 of the Legal Code Act, Cap C38 Legal guidelines of the Federation of Nigeria, 2004,” the cost reads.

“That you just, Prem Garg, Devashish Garg each of Indian nationality, Agrico Agbe Restricted (an organization registered in Nigeria), Wilben Commerce Restricted, Dubai (an organization registered within the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Commerce Ltd, Dubai) of British nationality, someday within the month of Might and September, 2015 at Eco Financial institution Plc. Lagos skinny the Jurisdiction of this Honourable Courtroom conspired between yourselves to commit an offence to wit: Dishonest in that you just triggered Ecobank Plc to ship monies to the tune of $42,485,900 which was supposed by contract for the acquisition and import into Nigeria India Parboiled rice however by no means utilised the sum of cash for the contract and thereby dedicated an offence punishable below Part 421 of the Legal Code Act, Cap, C38 Legal guidelines of the Federation of Nigeria, 2004.”

Nevertheless, whereas the cost is pending, the defendants didn’t seem in courtroom to take their pleas on the fees.

The event made the workplace AGF, by way of its lawyer, Pius Akutah, to file functions earlier than the courtroom for issuance of a bench warrant and doable extradition in opposition to them.

The applying was granted by Akintayo Aluko, the presiding choose in November 2023.

However the defendants, by way of their attorneys, Dele Belgore and Dada Awosika, filed functions to quash the orders for his or her arrest and extradition.

‘NO MERIT IN APPLICATION FILED’

Unhappy with the applying, Kehinde Bode-Ayeni, the lawyer representing the AGF countered the applying.

Bode-Ayeni took over the case file from Akutah who’s now the manager secretary and chief government officer (CEO) of Nigerian Shippers Council.

Delivering his ruling on Monday, Aluko mentioned the proceedings earlier than the Justice of the Peace courtroom in Delhi India, cannot function as a “keep in felony proceedings” in Nigeria.

The choose mentioned the matter shouldn’t be “purely a felony continuing,” and that it’s a continuing in a Nigerian courtroom as constituted by the Nigerian structure.

Additionally, Aluko mentioned an order of established order granted by one other courtroom cannot violate the felony cost pending on this courtroom.

He held that “there isn’t any benefit within the functions filed by the defendants”.

Aluko additionally held that the 2 functions “lack benefit and similar are dismissed”.

The choose, due to this fact, adjourned the case to October 24, for additional proceedings.

On August 7, a press release circulated on-line alleged the Central Bank of Nigeria (CBN) is investigating Ecobank over claims of abusive proceedings and communications in opposition to Wilben Commerce Restricted and Wade.

Nevertheless, CBN denied probing Ecobank.