Tigran, Binance Executive, Denied Bail in Nigeria on Money Laundering Charges

In a recent legal battle in Nigeria, Tigran Gambaryan, an executive associated with the cryptocurrency giant Binance, was denied bail by Justice Emeka Nwite of the Federal High Court in Abuja. Gambaryan is facing serious charges of money laundering and tax evasion within Nigeria, amounting to over $35 million.

During the court hearing, the prosecution raised concerns about Gambaryan being a flight risk, which the judge echoed in his ruling. The lead prosecutor, Ekele Iheanacho, emphasized the gravity of the charges and the potential for Gambaryan to evade justice. This decision comes after Gambaryan’s co-defendant, Nadeem Anjarwalla, Binance’s Regional Manager for Africa, reportedly fled, intensifying the legal proceedings.

The allegations against Gambaryan, Anjarwalla, and Binance revolve around the laundering of $35.4 million, allegedly obtained through illicit means in Nigeria. These charges align with the stringent provisions outlined in the Money Laundering (Prevention and Prohibition) Act of 2022.

During the courtroom battle, Iheanacho argued against granting bail, citing 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 seized by Nigerian authorities, indicating a potential plan to flee.

Gambaryan’s legal team, led by Mordi, countered these arguments, highlighting his clean bail record and dismissing any suggestions of flight risk. However, Justice Nwite remained unconvinced, citing exceptions to bail entitlements for defendants facing serious charges that could disrupt legal proceedings.

Ultimately, Justice Nwite denied Gambaryan’s bail application, supporting the recommendation of the Economic and Financial Crimes Commission (EFCC) to keep him in custody until the trial concludes.

With the trial on the horizon, the case of Binance and its executives in Nigeria is far from over. The question of Binance’s guilt, as well as the fate of Gambaryan and Anjarwalla, remains uncertain. Further developments in this case are eagerly anticipated.