On Tuesday, the Economic and Financial Crimes Commission (EFCC) stood firm against granting bail to Binance Holdings Limited executive, Tigran Gambaryan, citing the escape of his co-defendant Nadeem Anjarwalla from the custody of the National Security Adviser to Kenya, News About Nigeria reports.
Emeka Iheanacho, the prosecuting counsel for the EFCC, disclosed to the Federal High Court in Abuja that the anti-graft agency uncovered Gambaryan’s alleged plot to procure a new passport for his escape from Nigeria, despite the seizure of his passport.
Gambaryan, along with his fleeing colleague Anjarwalla and Binance Holdings Limited, faces charges of money laundering brought by the EFCC.
The agency accuses them of concealing the source of $35,400,000 in revenue generated by Binance in Nigeria, knowing the funds to be proceeds of unlawful activity.
Opposing Gambaryan’s bail application, Iheanacho said there was a huge risk involved.
Iheanacho pointed out that Gambaryan does not have any ties to any Nigerian community and drew parallels with Anjarwalla’s escape to Kenya while holding a UK passport issued in Nigeria.
Iheanacho urged the court to consider Gambaryan’s custody as essential, given Binance’s virtual operations, and the need to prevent a repeat of Anjarwalla’s evasion.
However, Gambaryan’s lawyer, Mark Mordi (SAN), described his client’s detention as a “state-sanctioned hostage-taking,” claiming that Gambaryan was being held by the EFCC to leverage information from his employer.
Mordi contested the notion of Gambaryan being a flight risk, pointing out that his client’s passport was already in EFCC custody.
Mordi challenged the prosecution to present incriminating evidence against Gambaryan, refuting claims of escape plans as hearsay and unreliable.
He urged the court to grant bail with conditions ensuring Gambaryan’s trial attendance.
After hearing arguments from both sides, Justice Nwite adjourned the case until May 17 for a ruling.
