An Abuja Federal High Court has dismissed the bail application filed by detained Binance executive, Tigran Gambaryan.
In a ruling on Friday, Justice Emeka Nwite stated that the affidavit evidence suggested that Gambaryan would likely jump bail if released. “I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail,” Justice Nwite declared.
However, the judge ordered an accelerated hearing for the trial.
Justice Nwite had previously scheduled Friday for the ruling after counsel for the Economic and Financial Crimes Commission (EFCC), Ekele Iheanacho, and Gambaryan’s lawyer, Mark Mordi, SAN, presented their arguments regarding the bail plea.
Following his plea of not guilty to the money laundering charges brought by the EFCC, Gambaryan was remanded in Kuje Correctional Centre. The EFCC accused Binance Holdings Limited, Gambaryan, and another company agent, Nadeem Anjarwalla, of conspiring to conceal the origins of financial proceeds from alleged unlawful activities in Nigeria, amounting to $35,400,000.
The charges fall under Section 21 (a) and are punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among others. Anjarwalla escaped custody on March 22 and fled to Kenya.
Gambaryan’s lawyer, Mordi, had filed for his client’s bail pending the hearing and determination of the substantive case. Mordi argued that the EFCC failed to present credible evidence to oppose the application, calling allegations that Gambaryan was planning to escape false. “There is no exhibit or document displaying EFCC’s credible intelligence,” Mordi asserted.
However, EFCC lawyer Iheanacho countered, arguing that Gambaryan posed a significant flight risk due to his lack of ties to any community in Nigeria and the absence of a competent surety. Iheanacho noted that Gambaryan attempted to obtain a new U.S. passport while in detention, despite his international passport being seized by Nigerian authorities. “The court would be taking a grave risk by granting the Binance agent bail,” Iheanacho contended.
Iheanacho maintained that credible evidence supported the claim that Gambaryan was planning to escape, emphasizing the findings of the investigative team. He urged the court to deny the bail application or, alternatively, to return Gambaryan to EFCC custody if bail were granted.
The case now proceeds to an accelerated trial as ordered by Justice Nwite.
