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EFCC Urges Court to Deny Bail for Binance Executive, Gambaryan

The EFCC’s request for the transfer of Tigran Gambaryan, an executive of Binance Holdings Limited, from Kuje Prison to their custody, citing concerns about safety, underscores the agency’s responsibility to ensure the security and integrity of individuals in its custody. However, such assertions also raise questions about the conditions and security measures within Kuje Prison.

Published

2 weeks ago

April 23, 2024

Stella Charles Akupue

EFCC Urges Court to Deny Bail for Binance Executive, Gambaryan

The Economic and Financial Crimes Commission (EFCC) has strongly advocated for the denial of bail to Tigran Gambaryan, an executive of Binance Holdings Limited, during a hearing at the Federal High Court Abuja. Gambaryan, who has been in custody for over 50 days, sought bail through his counsel, Mark Mordi (SAN), asserting his right to release.

In defence of his client’s plea, Mordi argued that the prosecution had failed to substantiate Gambaryan’s purported flight risk. He dismissed claims of his client’s intention to abscond as unfounded and based on hearsay, emphasising that the EFCC aimed to extract information from Gambaryan’s employer.

Contrarily, the EFCC, represented by counsel Emeka Iheanacho, pressed the court not only to reject Gambaryan’s bail application but also to transfer him from Kuje prison to EFCC custody to prevent any potential escape. Iheanacho cited concerns about Gambaryan posing a flight risk, drawing parallels with a colleague, Nadeem Anjarwalla, who had already absconded.

Prosecution contends flight risk as Gambaryan seeks release.

Following arguments from both sides, Justice Emeka Nwite adjourned the proceedings until May 17 to rule on Gambaryan’s bail application.

Gambaryan, his company Binance Holdings Limited, and co-defendant Nadeem Anjarwalla face charges under the Money Laundering (Prevention and Prohibition) Act, 2022. The EFCC alleges that the trio conspired to conceal the origin of financial proceeds from illicit activities in Nigeria.

While Gambaryan remains in custody, Anjarwalla is currently evading arrest. The Federal Government apprehended both individuals over allegations linking their firm to money laundering and terrorism financing, underscoring ongoing efforts to combat financial crimes in the country.