A high-profile official of Binance Holdings Limited, Tigran Gambaryan, faced a setback in his bid for bail as the Federal High Court in Abuja declined his request on Friday.
Justice Emeka Nwite delivered the ruling, expressing doubts about Gambaryan’s commitment to facing trial if released.
The court cited insufficient evidence provided by Gambaryan to sway its decision in his favor and noted the risk of him absconding, based on information presented by the Economic and Financial Crimes Commission (EFCC).
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The EFCC, in its argument, revealed intelligence suggesting Gambaryan’s intention to escape custody, citing an attempt to obtain a new passport despite his current one being held by authorities.
Gambaryan, through his legal team led by Mr. Mark Mordi, SAN, invoked sections of the Administration of Criminal Justice Act, 2015, asserting his right to bail and innocence.
However, the defense’s claim of insufficient evidence to prove flight risk was contested by the EFCC’s counsel, Mr. Ekele Iheanacho, who highlighted Gambaryan’s colleague’s previous escape from custody.
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Gambaryan faces a five-count charge alongside Binance Holdings Limited, with allegations of financial crimes including money laundering and terrorism financing.
The arrest and detention of Gambaryan and his colleague, Nadeem Anjarwalla, stemmed from accusations against their firm regarding financial misconduct.
Despite passport confiscation, Anjarwalla managed to escape to Kenya, prompting the government’s efforts to extradite him.
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Both the EFCC and the Federal Inland Revenue Service (FIRS) filed separate charges, further complicating the legal landscape for Gambaryan and Binance Holdings Limited, involving allegations of financial impropriety and tax fraud.