A Federal High Court in Abuja, on Friday refused to grant the bail application of Binance executive, Tigran Gambaryan.
While delivering judgement on the case, Justice Emeka Nwite stated that the bail application was denied because after carefully reviewing the application submitted before him, he resolved that the defendant will jump bail if granted.
The judge said, “I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail.”
News About Nigeria recalls that, Gambaryan, his company, Binance Holdings Limited and a fellow top executive who is currently on the run, Nadeem Anjarwalla, were charged by the Economic and Financial Crimes Commission (EFCC), with money laundering and terrorism financing.
The Nigerian government, through the EFCC, had accused Binance, and the two executives of the cryptocurrency firm of allegedly conspiring amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria, including $35,400, 000, thereby committing an offense contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Previously deciding on the matter, Justice Nwite had remanded Gambaryan at the Kuje Correctional Centre after he pleaded not guilty to the money laundering charges preferred against him by the anti-graft agency.
He had further fixed today (Friday, May, 17, 2024) for the hearing of the case after Gambaryan (through his legal team) had argued the modality behind remanding him in the Kuje Correctional Centre after he had already spent over 40 days in detention.
