Court Denies Bail to Binance Executive Amid Money Laundering Allegations

The Federal High Court in Abuja has denied bail to Tigran Gambaryan, a high-ranking official of Binance Holdings Limited, who is currently held in prison custody on charges of money laundering and terrorism financing.

In a ruling delivered by Justice Emeka Nwite, the court expressed concerns that Gambaryan, facing a five-count charge alongside Binance, might abscond if granted bail. Justice Nwite noted that the defendant did not present compelling evidence to ensure his availability for trial.

The Economic and Financial Crimes Commission (EFCC) opposed Gambaryan’s bail, citing credible intelligence indicating his plans to escape. The EFCC informed the court that Gambaryan had attempted to obtain a new U.S. passport despite his current passport being confiscated by authorities. Moreover, the EFCC highlighted that Gambaryan is an Armenian citizen, further increasing the risk of him fleeing.

The EFCC also reminded the court of a previous incident where Gambaryan’s colleague, Nadeem Anjarwalla, escaped custody and fled to Kenya. Anjarwalla’s escape underscored the potential flight risk posed by Gambaryan, according to the EFCC’s counsel, Ekele Iheanacho.

Defense lawyer Mark Mordi, SAN, argued that the charges against Gambaryan were bailable and that his client was presumed innocent under Nigerian law. Mordi contended that the prosecution’s evidence was insufficient to demonstrate Gambaryan posed a flight risk and suggested that the charges were part of an attempt to leverage information from Binance.

Despite these arguments, the court sided with the prosecution, emphasizing the need for a rigorous approach given the circumstances and previous escape incident.

Gambaryan remains in custody, with the court ordering an accelerated hearing of the case. The charges stem from alleged financial misconduct involving Binance, with both the EFCC and the Federal Inland Revenue Service (FIRS) pursuing separate legal actions against the company and its executives.

The Federal Government continues its efforts to extradite Anjarwalla and address the broader implications of the allegations against Binance Holdings Limited.