Binance
EFCC Speaks On Releasing Binance Executive From Custody
The Economic and Financial Crimes Commission (EFCC) on Tuesday urged Justice Emeka Nwite of the Federal High Court in Abuja to reject the bail application for Tigran Gambaryan, an executive of Binance Holdings Limited, citing high flight risk concerns.
This request comes after his co-defendant, Nadeem Anjarwalla, managed to escape to Kenya despite ongoing legal proceedings.
During the court session, EFCC’s prosecuting counsel, Emeka Iheanacho, detailed concerns regarding Gambaryan’s potential risk of fleeing from Nigeria.
The prosecution highlighted that Gambaryan had attempted to obtain a new passport after the EFCC had seized his original passport, hinting at a planned escape similar to Anjarwalla’s.
Anjarwalla had fled the custody of the National Security Adviser, leaving the country, and his whereabouts are currently traced to Kenya.
Gambaryan, alongside Anjarwalla and Binance Holdings Limited, faces charges of laundering $35.4 million, alleged proceeds from unlawful activities through Binance’s operations in Nigeria.
The prosecution argues that releasing Gambaryan on bail could repeat the escape incident, emphasizing his lack of community ties in Nigeria and the virtual nature of Binance’s operations as aggravating factors.
“The 1st defendant (Binance) is operating virtually. The only thing we have to hold on to is this defendant. So, we pray My Lord to refuse bail to the defendant,” Iheanacho stated, urging the court to consider the severity of the risks involved.
In contrast, Gambaryan’s defense, led by Senior Advocate of Nigeria Mark Mordi, contested these claims, arguing that the detention was akin to state-sanctioned hostage-taking and insisting there was no substantial evidence to deem his client a flight risk.
Mordi described the allegations of Gambaryan attempting to flee as based on hearsay and unproven, asserting that his client was subjected to undue hardship by being separated from his family.
As the legal battle intensifies, Justice Nwite has adjourned the case, scheduling a ruling on the bail application for May 17.
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