A Federal High Court sitting in Lagos has issued a warrant for the arrest and extradition of three foreigners to enable them to stand trial in Nigeria over alleged fraud to the tune of $42,485,900.
City & Crime gathered that the alleged fraud by the trio of Prem Garg, Devashish Garg and Marcus Wade was committed against a Nigerian Bank.
The suspects were accused of fraud by the bank in a petition to the Department of Public Prosecution (DPP) of the Federal Ministry of Justice, Abuja.
Trouble started when a company, Agrico Agbe Limited and Wilben Trade Limited, Dubai, operated by the trio, requested a loan from the bank for the importation of rice in 2015.
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According to documents sighted by our correspondent at the Force Headquarters, the bank opened letters of credit in the sum of $42,485,900 in favour of Wilben Trade Limited, Dubai, for the importation of rice.
The bank alleged that the company requested for an Import Finance Facility (IFF) loan 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 sales realised from the imported products and other revenues realised from the business in accordance with the agreement.
The Attorney-General of the Federation, in consideration of a police (INTERPOL NCB) investigation report, indicted Wilben Trade Limited, Dubai, Marcus Wade and three others in a five-count charge,
The charges border on conspiracy, obtaining by false pretense, cheating and criminal conversion with charge number: FHC/L//562C/2022, dated October 7, 2022, before the Federal High Court, Lagos, before Justice Akintayo Aluko.
