Prem Garg
 |
Prem Garg | |
|---|---|
 Prem Garg during BIRC Summit 2025 | |
| Born | 1963 (age 62–63) Delhi |
| Occupations | industrialist and entrepreneur |
| Website | drpremgarg |
Prem Garg is an Indian businessman. He is the national president of the Indian Rice Exporters Federation (IREF) and the chairman of the Shri Lal Mahal Group, established in 1907.
Career
[edit]Indian Rice Exporters Federation
[edit]In 2023, Garg founded the Indian Rice Exporters Federation (IREF), which says it represents more than 7,700 exporters, millers, and allied companies across India.[1] In 2025, the IREF hosted the Bharat International Rice Conference, an event for trade and investment in the rice sector,[2][3] in collaboration with the Ministry of Co-operation.[4] In 2025, the Ministry of Commerce and Industry, through the Agricultural and Processed Food Products Export Development Authority, nominated Garg to the Non-Basmati Rice Development Fund Committee, which advises on export strategy and sector coordination.[5][6]
Companies
[edit]Garg is the director and chairman of the Shri Lal Mahal Group, a rice export company.[7][3]
Garg was convicted to seven years in prison for his role in the 2010 Belekeri Port Scam, which involved the illegal mining and export of iron ore, worth an estimated Rs 2,500 crore.[8][9][1] A special court of MLAs and MPs from Karnataka State found Garg, the managing director of Shri Lal Mahal Ltd, guilty of criminal conspiracy, cheating and theft of seized iron ore.[10][11]
Garg and his son, Devashish Garg, and their companies, Agrico Agbe Ltd and Little Rose Trading, are the subject of an ongoing criminal complaint in India for allegedly defrauding Ecobank Transnational Inc. of US$165 million.[12] The alleged 2014 scheme involved Ecobank issuing credit to Garg's company, Agrico Agbe, for the purchase and import of rice into Nigeria. However, the rice consignments never arrived, and Ecobank was not repaid. Ecobank later learnt that the supplier, Little Rose Trading, was also a Garg-linked company and had forged shipping documents.[13][14] Ecobank also filed complaints in Nigeria, where the Federal High Court in Lagos issued a warrant for the arrest and extradition of Garg, and the Dubai International Financial Centre,[15][16] where it secured a ruling that was later overturned due to jurisdictional issues.[12]
In 2016, the Directorate of Revenue Intelligence and the police arrested Garg and his son Devashish for allegedly smuggling gold.[1] During a raid by the Directorate of Revenue Intelligence, 430 kg of gold worth Rs 120 crore (c. USD $13.2 million) was found at the offices of Garg's company of Shri Lal Mahal Ltd and his residential address.[17][18] A statement by the Indian Government Enforcement Directorate said that Shri Lal Mahal and its owners, Prem Chand Garg and Anita Garg, his wife, had acquired proceeds of crime by diverting duty-free imported gold into the domestic market and evading customs duties "to the tune of Rs17.54 crore" (c. USD $2 million).[19][20]
Garg and his company, Metal Africa Steel Products Ltd, are the subject of a criminal complaint in Nigeria for allegedly defrauding Access Bank of US$32 million in an import loan scheme.[21][22] Following this complaint, Garg and his son Devashish Garg were added to Interpol's Red Notices and Diffusion Notices Database. Garg later filed a successful petition to remove their names from the list.[23]
In 2021, the India Central Bureau of Investigation accused Garg of allegedly defrauding five banks, including the State Bank of India, of Rs 979.15 crore (c. USD $107 million) in an ongoing investigation.[24][1]
References
[edit]- 1 2 3 4 "Govt's Partner to Promote India's Rice Trade: An Alleged Scamster". The Reporter's Collective. October 26, 2025. Retrieved 2026-03-21.
- ↑ "Ministry of Cooperation collaborates with Indian Rice Exporters Federation for BIRC 2025: Prem Garg, Chairman, Shri Lal Mahal Group". ChiniMandi. 18 October 2025.
- 1 2 "BRIC 2025: Ministry of Cooperation teams up with Indian Rice Exporters Federation; aim to strengthen rice sector". The Times of India. 18 October 2025.
- ↑ "Ministry Of Cooperation Partners With Exporters For Major Rice Conference". BW Businessworld. Businessworld. October 18, 2025.
- ↑ "Ministry of commerce nominates Dr Prem Garg as member of Non-Basmati Rice Development Fund". The Times of India. 6 October 2025.
- ↑ "इंडियन राइस एक्सपोर्टर्स फेडरेशन (IREF) के दो टूक, Trump Tariff का नहीं होगा चावल कारोबार पर असर - indian rice exporters federation iref will not have impact on rice business" [The Indian Rice Exporters Federation (IREF) has stated that the Trump tariff will not impact the rice trade]. बिज़नेस स्टैंडर्ड (in Hindi). 4 August 2025.
- ↑ "Rice, buffalo meat among key Indian exports to Philippines". News Arena India. 6 August 2025.
- ↑ "Congress MLA Sateesh Krishna Sail Jailed For 7 Years For Theft, Illegal Iron Ore Export". NDTV. October 26, 2024. Archived from the original on 2024-10-27. Retrieved 2026-03-21.
- ↑ "CBI arrests Congress MLA Satish Sail". The South First. 25 October 2024. Retrieved 2026-03-21.
- ↑ "Mining case: Special court to pronounce quantum of punishment on October 26". The New Indian Express. 26 October 2024. Retrieved 2026-03-21.
- ↑ "Congress MLA, 6 more get 7-year jail in Belekeri iron ore case". Hindustan Times. 2024-10-28. Retrieved 2026-09-14.
- 1 2 Roux, Kara Le (October 23, 2025). "Ecobank haunted by $165m fraud saga and drawn-out legal war". Daily Maverick.
- ↑ Galtier, Mathieu (February 3, 2025). "The intriguing manoeuvres of Prem Chand Garg and Marcus Wade against Ecobank". The Africa Report.
- ↑ "Après Access Bank, les manœuvres intrigantes de Prem Chand Garg et Marcus Wade contre Ecobank". Jeune Afrique. 31 January 2025. Archived from the original on 2025-02-01. Retrieved 2026-03-21.
- ↑ "CFI 024/2016 (1) EBI SA, France (2) Ecobank Nigeria Limited (3) Ecobank Senegal v (1) Lal Mahal DMCC (2) Little Rose General Trading LLC (3) Prem Chand Garg". Dubai International Financial Centre Courts. November 23, 2016.
- ↑ "Two Indians Accused of Defrauding Bank, Lose Bid to Quash Arrest Warrant". Lawyard. August 13, 2024.
- ↑ "120 Crores In Gold Channelled For Laundering Old Notes, Finds Raid On Delhi Firm". NDTV. December 24, 2016. Archived from the original on 2016-12-24. Retrieved 2026-03-21.
- ↑ "Noida Sez Seize: Directorate of Revenue Intelligence seizes Rs 2.60 crore cash, 95 kg gold, silver from a Noida-based SEZ". Times of India. 24 December 2016. Retrieved 2026-03-21.
- ↑ "Directorate of Enforcement has provisionally attached movable assets in the form..." (PDF). Directorate of Enforcement. 2021-07-26. Archived from the original (PDF) on 2024-12-08.
- ↑ "ED attaches over Rs 7-crore assets in duty-free gold diversion case". The Economic Times. 26 July 2021. Retrieved 2026-03-21.
- ↑ Adesomoju, Adeyemi (March 25, 2021). "Nigerian court summons Indians, British nationals, over fraud charges". Premium Times. Retrieved 2026-09-14.
- ↑ "Court Orders Lawyer To Produce Bizwoman, Princess Kolade For Allegedly Defraud Access Bank of $32m". The Factual. 9 November 2021. Retrieved 2026-03-21.
- ↑ "Court orders IGP to remove Indians' names from Interpol's most wanted list". The Nation. Lagos, Nigeria. Retrieved 2026-03-21.
- ↑ "CBI books Nutrionex, others for bank fraud". The Hindu. 16 July 2021. Retrieved 2026-03-21.