$42.4m Ecobank Scam: 3 Foreigners Arrested

Further hearing in the criminal charges filed against two Indian nationals, Prem Garg, Devashish Garg and a Briton, Marcus Wade, who were alleged of defrauding Eco Bank Plc of the sum of $42, 485, 900 million USD, as been fixed for June 19, 2025.

The three foreigners were charged before a Federal High Court, Lagos, by the office of the Attorney-General of the Federation (AGF) for allegedly defraud Ecobank Plc of the sum of $42, 485, 900 million USD, with the pretence of using the of money to purchase and import parboiled rice into Nigeria from India.

The three defendants were charged before the court in a charge marked

FHC/L/562C/2022, alongside their companies; Agrico Agbe Limited and Wilben Trade Limited, Dubai

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.

“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.”

Ever since the charge was filed none of the defendants have appear before the court.

In one of the proceedings on the charge, the presiding judge, Justice Akintayo Aluko, dismissed two applications filed by the defendants through their lawyers.

Specifically, Justice Aluko had sometimes in August 2024, dismissed their applications by to quash a bench warrant issued for their arrest and extradition, issued against them.

 In dismissing the application, Justice Aluko held that: “In the final analysis, there is no merit in applications filed by the defendants. The two applications lack merit and same are dismissed.”

However, further hearing on the charges against the defendants was at the last hearing of the matter fixed for June 9, which was a public holiday declared in celebration of the Ed-el-kabir.

Consequently, the matter has been adjourned to Jun 19, 2025.