A Federal High Court in Abuja has denied bail to Tigran Gambaryan, an executive at Binance. Justice Emeka Nwite ruled against the bail application, stating that Gambaryan was likely to flee if released.

Justice Nwite explained, “I have reviewed the affidavit evidence and believe the applicant will jump bail if granted.” However, he did order an expedited trial for the case.

The News Agency of Nigeria (NAN) reported that the decision came after arguments from EFCC lawyer Ekele Iheanacho and Gambaryan’s lawyer, Mark Mordi, SAN, were presented on April 23. Gambaryan had been remanded in Kuje Correctional Centre following his not-guilty plea to money laundering charges.

The EFCC accused Binance Holdings Limited, Gambaryan, and another company agent, Nadeem Anjarwalla, of conspiring to hide the origins of $35.4 million obtained from illegal activities in Nigeria. These charges are in violation of the Money Laundering (Prevention and Prohibition) Act, 2022. Anjarwalla fled to Kenya after escaping custody on March 22.

Mordi argued for Gambaryan’s bail, claiming the EFCC lacked credible evidence against his client and refuted allegations that Gambaryan planned to escape. However, Iheanacho countered that granting bail would be risky since Gambaryan had no local ties and had attempted to obtain a new US passport despite having his international passport seized.

Iheanacho emphasized that the court should dismiss the bail application or alternatively, return Gambaryan to EFCC custody if bail were considered.

Leave A Reply