Binance Executive Tigran Gambaryan Denied Bail by Nigerian Court in Light of Money Laundering Allegations
Justice Emeka Nwite of the Federal High Court in Abuja, Nigeria, has declined to grant bail to Tigran Gambaryan, an executive from the popular cryptocurrency exchange Binance. Gambaryan is currently facing charges of money laundering and tax violations in Nigeria.
The decision to deny bail was made after a hearing on Friday, where the prosecution argued that Gambaryan posed a flight risk. The prosecution, led by lawyer Ekele Iheanacho, emphasized the seriousness and nature of the offenses as key factors in the bail determination.
This decision comes in light of Gambaryan’s co-defendant, Nadeem Anjarwalla, who is the Regional Manager for Africa at Binance, allegedly fleeing from custody.
The Nigerian Economic and Financial Crimes Commission (EFCC) has charged both Gambaryan and Anjarwalla, as well as Binance itself, with allegations of laundering $35.4 million obtained from their illegal activities in Nigeria. These charges align with the provisions of Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and could result in significant penalties under Section 18(3) of the same act.
Iheanacho strongly opposed granting bail, pointing out Gambaryan’s lack of ties to the Nigerian community and the absence of a reliable local surety. He also revealed that Gambaryan had attempted to obtain a new U.S. passport after his international passport was confiscated by Nigerian authorities, indicating a possible intention to flee.
In response, Gambaryan’s legal representative, Mordi, argued that his client had never previously jumped bail and there was no basis to suspect that he would do so now. However, Justice Nwite still ruled against the bail application. He noted that while defendants facing criminal charges that carry a sentence of more than three years are typically entitled to bail, exceptions apply if there is a risk of tampering with evidence or interfering with the trial process.
In the meantime, the EFCC has recommended that Gambaryan be kept in their custody until the trial is concluded.