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 industrialist and entrepreneur. He is the National President of the Indian Rice Exporters Federation (IREF) and the Chairman of Shri Lal Mahal Group, established in 1907.
After completing his education, Garg started his career in 1985, when he entered the family business of rice export trade. He became the chairman of India's one of the largest rice exporters "Shri Lal Mahal Group" which was established in 1907. During the 1990s, under Garg's leadership, the group expanded its operations globally and reported handling 16 to 17 shiploads in a single month. This achievement was noted as an internal record and is recognized as one of the largest export volumes of that time. Garg has established rice mills in various Indian states, including Uttar Pradesh, Punjab, and Haryana, with a total production of 3,200 metric tons per day from these mills. He has travelled around the world during his career. [1] [2]
In 2023, Garg was elected National President of the Indian Rice Exporters Federation (IREF), a body representing more than 7,500 exporters, millers, and allied companies across India. Dr Garg established a "Dispute Resolution and Advisory (DRA) Wing" for mediation and trade guidance. In 2025. Garg is hosting the "Bharat International Rice Conference (BIRC)", a high-profile event for trade and investment in the rice sector. [3] [4]
Under the chairmanship of Garg, IREF also collaborated with Ministry of Co-operation. [5]
Under Garg’s tenure The federation has supported adoption of water and emission-efficient cultivation practices such as Direct seeded rice (DSR) and Alternate wetting and drying (AWD), promoted by agricultural research institutions and state agencies.
India’s rice exporters have faced recurring restrictions, including bans and minimum export price rules during 2023–24, later eased in 2024–25. Garg has consistently advocated for clear, stable export policies and accountability mechanisms in trade administration. [6]
He supported the government’s move to register non-basmati rice export contracts with Agricultural and Processed Food Products Export Development Authority (APEDA), describing it as a step toward greater uniformity and transparency. In 2025, the Ministry of Commerce and Industry, through APEDA, nominated Garg to the Non-Basmati Rice Development Fund Committee, which advises on export strategy and sectoral coordination. [7] [8]
Garg’s role bridges business leadership and trade policy. Apart from his industry positions, his appointment to the Non-Basmati Rice Development Fund Committee has strengthened formal dialogue between exporters and government. He is recognized for promoting professionalism in India’s rice trade and for sustaining the country’s export momentum amid policy volatility. [9]
Garg, Managing Director of Shri Lal Mahal, 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 60,000 crore (US $12 billion). [10] [11] [12] [13]
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. [14]
Garg and his son, Devashish Garg, and their companies, Shri Lal Mahal Ltd, Agrico Agbe Ltd, and Little Rose Trading, are the subject of an ongoing criminal complaint in India for allegedly defrauding Ecobank Transnational Inc. of USD $165 million. [15]
The 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. [16] [17]
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, where it secured a ruling that was later overturned due to jurisdictional issues. [18] [19]
Garg and his company, Metal Africa Steel Products Ltd, are the subject of a criminal complaint in Nigeria for allegedly defrauding Access Bank of USD $32 million in an import loan scheme. Garg was also charged with defrauding the federal government through tax evasion and refusal to pay relevant import duties. [20] [21]
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. [22]
In 2016, the Directorate of Revenue Intelligence and the police arrested Garg and his son Devashish for allegedly smuggling gold. During a raid by the Directorate of Revenue Intelligence, 430kg 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. [23] [24]
In a statement by the Indian Government Enforcement Directorate, it was revealed 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). [25] [26] [27]
In 2021, theIndia 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. [28] [29] [30]
