EFCC Issues Statement Regarding Binance Executive’s Release From Custody

EFCC Issues Statement Regarding Binance Executive’s Release From Custody....KINDLY READ THE FULL STORY HERE▶

The Economic and Financial Crimes Commission (EFCC) urged Justice Emeka Nwite of the Federal High Court in Abuja on Tuesday to deny the bail request for Tigran Gambaryan, an executive of Binance Holdings Limited, citing concerns about a high risk of flight.

During the court proceedings, Emeka Iheanacho, the EFCC’s prosecuting counsel, outlined worries about Gambaryan’s potential to abscond from Nigeria. He pointed out that Gambaryan had attempted to acquire a new passport after his original one was seized by the EFCC, suggesting a potential escape plan similar to that of Nadeem Anjarwalla, his co-defendant.

Anjarwalla had managed to escape custody under the National Security Adviser’s jurisdiction and has since been located in Kenya.

Gambaryan, along with Anjarwalla and Binance Holdings Limited, faces charges of laundering $35.4 million, purportedly proceeds from illicit activities through Binance’s Nigerian operations.

The prosecution argued that granting Gambaryan bail could lead to a repeat of the escape incident, citing his limited ties to the Nigerian community and the virtual nature of Binance’s operations as aggravating factors.

“The 1st defendant (Binance) is operating virtually. The only thing we have to hold on to is this defendant. So, we pray My Lord to refuse bail to the defendant,” Iheanacho emphasized, urging the court to weigh the severity of the risks involved.

In contrast, Gambaryan’s defense, led by Senior Advocate of Nigeria Mark Mordi, contested these assertions, labeling the detention as akin to state-sanctioned hostage-taking and asserting a lack of substantial evidence to label his client a flight risk.

Mordi dismissed the allegations of Gambaryan attempting to flee as hearsay and unproven, claiming that his client was enduring undue hardship through separation from his family.

As the legal proceedings unfold, Justice Nwite has adjourned the case and scheduled a ruling on the bail application for May 17.

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