In a dramatic turn of events, Justice Emeka Nwite of the Federal High Court in Abuja has refused to grant bail to Tigran Gambaryan, a high-ranking executive at the renowned cryptocurrency exchange Binance. According to sources, Gambaryan is embroiled in a scandal involving alleged money laundering and tax fraud in Nigeria.
Bail Decision Amidst Flight Risk Concerns
As the courtroom buzzed with anticipation, Justice Nwite delivered a verdict that left the prosecution triumphant. Gambaryan, accused of multiple offenses, was deemed a flight risk by the sharp-witted lawyer Ekele Iheanacho.
With a commanding presence, Iheanacho emphasized the gravity of the crimes, leaving no doubt in the minds of the jury. This decision was made even more crucial in light of Gambaryan’s co-defendant, Nadeem Anjarwalla, who had reportedly escaped from custody while serving as the Regional Manager for Africa at Binance.
The notorious duo of Gambaryan and Anjarwalla, along with the infamous cryptocurrency exchange Binance, have been slapped with a jaw-dropping accusation by the Economic and Financial Crimes Commission (EFCC) of Nigeria.
According to the EFCC, the trio has been involved in a money laundering scheme, raking in a whopping $35.4 million through their illicit activities in the country.
These allegations are not to be taken lightly, as they fall under the strict provisions of Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022. And if found guilty, they could face severe penalties under Section 18(3) of the same act.
Arguments and Implications
With conviction in his voice, Iheanacho vehemently opposed the idea of granting bail to Gambaryan. He stressed the fact that Gambaryan had no connections to the local community in Nigeria and there was no trustworthy person to vouch for him.
Iheanacho dropped a bombshell, revealing that Gambaryan had made a desperate attempt to obtain a new U.S. passport, even after his international one was confiscated by Nigerian authorities.
Gambaryan’s lawyer, Mordi, vehemently defended his client against accusations of potential bail jumping. He argued that Gambaryan had a spotless record and no reason to flee. However, despite the strong defense, Justice Nwite denied the bail application.
The judge cited the legal principle that defendants charged with serious crimes are typically granted bail, but exceptions are made if there is a risk of tampering with evidence or obstructing the trial.