‘It’s Risky’ – EFCC Opposes Bail For Binance Executive Gambaryan

• EFCC opposes bail for Binance executive Gambaryan, citing flight risks.

• Concerns raised over potential escape after co-defendant Anjarwalla flees.

• Legal battle unfolds at Federal High Court Abuja over money laundering allegations.

EKO HOT BLOG reports that in a tense legal battle unfolding at the Federal High Court Abuja, the Economic and Financial Crimes Commission (EFCC) has vehemently opposed the bail application of Tigran Gambaryan, an executive of Binance Holdings Limited, asserting that his release would pose significant risks to ongoing investigations.

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Gambaryan’s detainment is part of a broader legal saga involving allegations of money laundering against him, his colleague Nadeem Anjarwalla, and their company, Binance Holdings Limited.

The EFCC has accused them of obscuring the source of $35.4 million in revenue generated by Binance in Nigeria, alleging that these funds constitute proceeds of unlawful activities.

During Tuesday’s court proceedings, the EFCC presented compelling arguments against Gambaryan’s bail application, citing concerns over potential flight risks and pointing to the recent escape of his co-defendant, Anjarwalla, to Kenya.

bail for Binance executive

Emeka Iheanacho, the prosecuting counsel for the EFCC, emphasized that Gambaryan had allegedly attempted to obtain a new passport to facilitate his escape from Nigeria, despite his passport being seized by the commission.

Iheanacho underscored the gravity of the situation, warning that granting bail to Gambaryan would be akin to inviting a recurrence of Anjarwalla’s escape.

He stressed that Gambaryan’s lack of ties to the local community and the virtual nature of Binance’s operations further compounded the risk factors.

The EFCC’s stance received vigorous rebuttal from Gambaryan’s legal team, led by Mark Mordi (SAN), who denounced his client’s continued detention as “state-sanctioned hostage-taking.”

Mordi contested the prosecution’s claims of flight risk, arguing that Gambaryan’s inability to leave the country due to the confiscated passport was already a form of punishment.

The courtroom drama unfolded against a backdrop of legal maneuvering, with Gambaryan’s defense challenging the credibility of the EFCC’s evidence and urging the court to grant bail with appropriate conditions to ensure his attendance at trial.

Following impassioned arguments from both sides, Justice Emeka Nwite adjourned the proceedings until May 17, when a ruling on Gambaryan’s bail application is expected.

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The outcome of this case holds significant implications for the ongoing battle against financial crimes and underscores the complexities of cross-border legal disputes in an increasingly interconnected world.

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