The Economic and Financial Crimes Commission (EFCC) has urged Justice Emeka Nwite of the Federal High Court Abuja to dismiss the bail application of Tigran Gambaryan, an executive of Binance Holdings Limited, who is currently detained.
Gambaryan’s counsel, Mark Mordi (SAN), argued for his client’s release, stating that he has been held for over 50 days and deserves bail. Mordi contested the prosecution’s claim of Gambaryan being a flight risk, dismissing it as hearsay and unsupported by credible evidence.
Mordi further alleged that the EFCC is holding Gambaryan to extract information from his employer and not for legitimate legal reasons.
In response, the EFCC requested the court to deny Gambaryan’s bail application and transfer him from Kuje prison to EFCC custody to prevent any potential escape.
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During proceedings, EFCC counsel Emeka Iheanacho highlighted concerns regarding Gambaryan’s flight risk, citing the case of a co-defendant who had absconded.
After hearing arguments from both sides, Justice Nwite adjourned the case until May 17 for a ruling.
Gambaryan, along with his company Binance Holdings Limited and co-defendant Nadeem Anjarwalla, who is currently evading authorities, face charges under the Money Laundering (Prevention and Prohibition) Act, 2022. The EFCC accuses them of conspiring to conceal the origin of financial proceeds from alleged unlawful activities in Nigeria.
While Gambaryan remains in custody, Anjarwalla has fled, complicating the legal proceedings. #Binance
