A Federal High Court in Abuja, Nigeria, has denied the bail application of Tigran Gambaryan, an executive of Binance Holdings Limited, in a money laundering trial. Justice Emeka Nwite refused to grant the bail application, stating that Gambaryan would likely flee if released on bail.
Gambaryan, his company, and a fellow executive, Nadeem Anjarwalla, who is currently on the run, were charged by the Economic and Financial Crimes Commission (EFCC) with money laundering and terrorism financing. The EFCC arraigned Gambaryan on April 8 on five counts of alleged tax evasion, currency speculation, and money laundering totaling $34.4 million.
Gambaryan claimed he was not an agent, director, or representative of Binance in Nigeria and should not be served on behalf of the first defendant. However, Justice Nwite held that Gambaryan’s earlier affidavit stated he was an American who visited Nigeria with Anjarwalla to attend a meeting with government officials as representatives of Binance. This clearly shows his involvement with the first defendant within the jurisdiction.
Recall that Gambaryan’s wife, Yuki, had earlier raised concerns that her husband was being held in Kuje prison with Boko Haram terrorists and bandits. She stated that her husband had spent 65 days in custody in Nigeria. Gambaryan and Anjarwalla were arrested and detained on February 26 following an investigation into Binance’s activities in Nigeria.
Justice Nwite has therefore ordered an accelerated hearing in the trial, as Gambaryan remains in custody. The case is being heard alongside efforts by the Nigerian authorities to combat financial crimes and terrorism financing.