‘Money laundering’: Court declines Binance executive’s bail request

A federal high court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited, a cryptocurrency firm.

Emeka Nwite, presiding judge, held that Gambaryan is likely to “jump bail if granted to him”.

The company and its executive were arraigned on a five-count charge bordering on money laundering.

The defendants pleaded not guilty to the charge.

Moving an application, Mark Mordi, the defence counsel, argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.

However, Ekele Iheanacho, the prosecution counsel, opposed the bail application, stating that the defendant was a flight risk.

“The defendant attempted to obtain a new passport, which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody,” the lawyer said.

“We cannot risk granting him bail, especially since he is not attached to any community in Nigeria.

“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth.

“We are urging the honourable court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.”

Delivering the ruling, the judge said several factors, including the nature of the offence and its severity, must be considered when trying to decide whether or not bail should be granted to the applicant.

Nwite said with the depositions made by the prosecution, “I am of the view that the applicant will jump bail if bail is granted to him”.

The judge ordered that the trial be given accelerated hearing.

After the ruling, the Economic and Financial Crimes Commission (EFCC) called its first witness — a staff of the Securities and Exchange Commission (SEC).

On February 28, Gambaryan and Nadeem Anjarwalla, Binance’s regional manager for Africa, were detained by the Nigerian authorities.

Although Anjarwalla has escaped from the custody of the office of the national security adviser (ONSA), Gambaryan and Binance are being tried for tax evasion and money laundering.