The Federal High Court sitting in Abuja has ordered the remand of Tigran Gambaryan, an executive of Binance Holdings Limited, in Kuje Correctional Centre, Abuja, pending the determination of his bail application. This decision was made after Gambaryan pleaded not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC).
The court, presided over by Justice Emeka Nwite, gave the order following Gambaryan’s plea of not guilty to the charges. The EFCC had arraigned Gambaryan on a five-count charge, alleging money laundering to the tune of $35,400,000. He was arraigned alongside the company Binance, and a third defendant, Nadeem Anjarwalla, who is currently at large.
During the proceedings, Gambaryan’s counsel, Mark Mordi, SAN, raised objections to the arraignment, arguing that Binance should have been duly served before Gambaryan could enter his plea. However, the EFCC’s lawyer, Ekele Iheanacho, contended that Gambaryan, as a representative of Binance in Nigeria, could be served on behalf of the company.
Justice Nwite ultimately sided with the EFCC’s position, dismissing Mordi’s objections and ordering Gambaryan to enter his plea. The judge adjourned the hearing on Gambaryan’s bail application to April 18, with trial set for May 2, 2024.
