The Federal High Court, Abuja, denies the bail application of the detained Binance executive, Tigran Gambaryan, on Friday amid the Federal Government’s opposition.
Gambaryan’s lawyer, M. Mordi, had requested an order for his client to be granted bail pending the hearing and determination of the money laundering case brought against him by the Economic and Financial Crimes Commission, according to Nairametrics.
Justice Emeka Nwite had fixed today for ruling and trial following Gambaryan and the Nigerian government’s lawyers’ argument over the former’s request to leave the custody of the Kuje Correctional Centre after over 40 days in detention.
The Nigerian government, through the EFCC, had accused Binance, Gambaryan, and fleeing Nadeem Anjarwalla, of allegedly conspiring amongst themselves to conceal the origin of the financial proceeds of Binance’s alleged unlawful activities in Nigeria, including $35,400, 000, thereby committing an offense contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
EFCC’s legal team, led by E. Iheanacho, said the court would be taking a risk by granting the Binance executive bail because he has no attachment to any community in Nigeria or competent person to stand as his surety.
He claimed that Gambaryan had tried to apply for a new passport in the United States, knowing full well that his international passport was seized by Nigeria.
Meanwhile, Gambaryan’s lawyer, Mordi argued that his client did not have a record of jumping bail that could raise concerns about his application.
In his ruling on Friday, Justice Nwite explained that defendants who receive a three-year sentence or higher may be granted bail except where there is evidence that they are attempting to conceal evidence, interfering with the trial, etc.
According to Nwite, based on the affidavit evidence provided by the Binance executive, he admitted meeting with Nigerian government officials on Binance’s behalf.
Nwite also observed that the EEFCC had alleged that using intelligence, the Nigerian Government became aware when Binance was involved in foreign exchange irregularities affecting the Naira’s value.
The judge also observed that Nadeem, Gambaryan’s colleague, had escaped from lawful custody.
Nwite opined that the applicant may jump bail and subsequently rejected his bail application.
The Federal Inland Revenue Service and the Economic and Financial Crimes Commission have brought two separate suits against Binance and its executives, one relating to tax evasion and the other to money laundering and foreign exchange violations.
Binance executives visited Nigeria for a meeting following the Federal Government’s ban on crypto channels as part of its campaign against currency speculation.
