Money laundering: Court rejects Binance executive’s bail plea

A Federal High Court, Abuja, on Friday, May 17, 2024 dismissed a bail application filed by the detained Binance executive, Tigran Gambaryan.

Justice Emeka Nwite, in a ruling, held that based on the affidavit evidence before him, Gambaryan would jump bail if the application is granted.

“I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail,” Justice Nwite declared.

However, the judge ordered for an accelerated hearing in the trial.

Justice Nwite had, on April 23, fixed today for the ruling after counsel for the EFCC, Ekele Iheanacho, and Gambaryan’s lawyer, Mark Mordi (SAN), adopted their processes and argued their case against and for the bail plea.

Justice Nwite had ordered the remand of Gambaryan in Kuje Correctional Centre after he pleaded not guilty to the money laundering charges preferred against him by the EFCC.

The EFCC had accused Binance Holdings Limited, Gambaryan and Nadeem Anjarwalla, another agent of the company, of allegedly conspiring amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria including $35,400,000.

They were alleged to have committed an offence contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among others.

However, Anjarwalla escaped from lawful custody on March 22 and fled Nigeria for Kenya.

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Mordi, on Gambaryan’s behalf, had filed an application seeking an order of the court, releasing his client on bail pending the hearing and determination of the substantive case.

Mordi, in the last adjourned date, had argued that the EFCC had failed to produce any credible evidence to oppose his application.

According to him, the complainant’s allegation that Gambaryan was arranging to escape from custody like his colleague was false.

“There is no exhibit or document displaying EFCC’s credible intelligence,” he said.

But EFCC lawyer disagreed with Mordi.

Iheanacho argued that the court would be taken a grave risk by granting the Binance agent a bail because he had no attachment to any community in Nigeria or competent person to stand as his surety.

He contended that Gambaryan attempted to apply for a new United States passport while in detention knowing fully well his International passport was seized by the Nigerian state.

The lawyer said he was a flight risk and that if granted bail, he would jump bail like his colleague.

The Star