Crime

Bail Hearing for Binance Executive Stalled in $34.4 Million Money Laundering Trial

The outcome of this trial will be closely watched by legal experts, regulatory authorities, and the public, as it will serve as a precedent for similar cases and contribute to the ongoing efforts to combat financial crimes in Nigeria.

Published

2 weeks ago

April 22, 2024

Stella Charles Akupue

Bail Hearing for Binance Executive Stalled in $34.4 Million Money Laundering Trial

Binance Holdings Limited executive Tigran Gambaryan, implicated in a $34.4 million money laundering case, was delayed as the defence’s application for further affidavit was not heard.

The Economic and Financial Crimes Commission (EFCC) counsel, Ekele Iheanacho, requested an adjournment to adequately respond to the application before Justice Emeka Nwite of the Federal High Court in Abuja.

Iheanacho emphasised the importance of a fair trial in criminal proceedings, urging time to adequately address the defence’s submissions. Despite not opposing the adjournment, Mark Mordi (SAN), representing the second defendant, noted the prosecution’s claim that Gambaryan is a flight risk due to his dual nationality.

Defence Counsel’s Application Delays Bail Hearing in Federal High Court

Expressing readiness to counter such claims, Mordi stressed the significance of safeguarding his client’s liberty. Consequently, Justice Nwite adjourned the hearing until April 22, 2024, to allow for the examination of the bail application.

Gambaryan, alongside Binance Holdings Ltd. and Nadeem Anjarwalla (currently at large), faces charges including tax evasion, currency speculation, and money laundering. The trial underscores the EFCC’s efforts to combat financial crimes and uphold legal integrity in Nigeria.

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