A Federal High Court in Lagos has rejected attempts by three foreign nationals to overturn a bench warrant issued for their arrest and extradition on charges related to a $42.48 million fraud.

The defendants—Indian nationals Prem Garg and Devashish Garg, and Briton Marcus Wade, chairman of Wilben Trade Limited—are accused of defrauding Ecobank Plc.

The allegations stem from a petition filed by Ecobank on October 7, 2022, with the Department of Public Prosecutions (DPP), claiming the trio, along with their companies Wilben Trade Limited in Dubai and Agrico Agbe Limited, secured a $42.48 million loan under false pretenses.

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The loan, granted in 2015, was intended for the importation of rice, but according to the charges brought by the Office of the Attorney-General of the Federation (AGF), the defendants allegedly failed to deliver on their commitments, prompting legal action.

The case, marked FHC/L/562C/2022, includes multiple counts of fraud against the defendants, who have yet to appear in court despite the bank’s efforts to recover the funds.

The charge reads, “That you, Prem Garg, Devashish Garg both of Iand ndian 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.

“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 thin 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 which was intended by contract for the purchase and import into Nigeria India 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.”

Despite the charges pending against them, the defendants did not show up in court to enter their pleas prompting the Office of the Attorney-General of the Federation (AGF) to seek a bench warrant and extradition order.

In response, the AGF’s lawyer, Pius Akutah, filed an application for these orders, which was granted by presiding judge Akintayo Aluko in November 2023.

However, the defendants, represented by lawyers Dele Belgore and Dada Awosika, subsequently filed motions to overturn the arrest and extradition orders.

This move was contested by the AGF’s counsel, Kehinde Bode-Ayeni, who argued against quashing the orders.

Bode-Ayeni assumed responsibility for the case after Pius Akutah, who is now the Executive Secretary and CEO of the Nigerian Shippers’ Council, transitioned from the role.

In a ruling delivered on Monday, Judge Akintayo Aluko stated that proceedings before a magistrate court in Delhi, India, cannot serve as a “stay” in the ongoing criminal proceedings in Nigeria. He emphasized that the case is not solely a criminal matter but a proceeding under the jurisdiction of a Nigerian court as established by the Nigerian Constitution.

Additionally, Judge Aluko clarified that an order for maintaining the status quo issued by another court does not override the criminal charges pending in his court.

Judge Akintayo Aluko ruled that the applications filed by the defendants “lack merit” and subsequently dismissed both motions. The judge then adjourned the case to October 24 for further proceedings.

Meanwhile, on August 7, a statement circulated online claiming that the Central Bank of Nigeria (CBN) was investigating Ecobank over allegations of abusive proceedings and communications involving Wilben Trade Limited and Marcus Wade.

However, the CBN has denied any investigation into Ecobank.