An Abuja Federal High Court has denied bail to Tigran Gambaryan, a Binance executive, who is facing charges of money laundering. The court ruled that Gambaryan is likely to flee if released.
Justice Emeka Nwite made the decision on Friday, stating, “I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail.” The judge also ordered an accelerated hearing for the trial.
Gambaryan was ordered to remain in Kuje Correctional Centre after he pleaded not guilty to the money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC). The EFCC accused Binance Holdings Limited, Gambaryan, and another company agent, Nadeem Anjarwalla, of conspiring to conceal the origins of $35,400,000 obtained from alleged unlawful activities in Nigeria.
Gambaryan’s colleague, Anjarwalla, reportedly escaped custody on March 22 and fled to Kenya.
Gambaryan’s lawyer, Mark Mordi, had applied for his client’s bail pending the trial. Mordi argued that the EFCC did not present any credible evidence to justify keeping Gambaryan in detention. He stated, “There is no exhibit or document displaying EFCC’s credible intelligence.”
However, EFCC’s lawyer, Ekele Iheanacho, opposed the bail request. He argued that Gambaryan had no strong ties to any community in Nigeria and could easily escape if released. Iheanacho also claimed that Gambaryan attempted to get a new U.S. passport while in detention, despite knowing that his international passport was confiscated by Nigerian authorities.
Iheanacho said, “The court would be taking a grave risk by granting the Binance agent bail because he had no attachment to any community in Nigeria or competent person to stand as his surety.”
Justice Nwite agreed with Iheanacho’s arguments and dismissed the bail application, citing the risk of Gambaryan fleeing the country like Anjarwalla.
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The case stems from allegations that Gambaryan and his colleagues engaged in money laundering activities, including the large sum of $35,400,000. The EFCC alleges they violated Section 21(a) and are punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The court’s decision to deny bail emphasizes the serious nature of the charges against Gambaryan and the concern that he might evade justice if released. Justice Nwite’s ruling reflects the court’s priority in ensuring that accused persons are present to face their trials.
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