The Federal High Court in Abuja declined to grant bail to Tigran Gambaryan, a top official of Binance Holdings Limited, who is currently in prison custody facing charges of money laundering and terrorism financing.
In a ruling delivered by Justice Emeka Nwite, the court expressed concerns over Gambaryan’s potential flight risk, citing insufficient evidence presented by the defendant to justify bail.
The Economic and Financial Crimes Commission (EFCC) had raised alarms about Gambaryan’s alleged attempt to escape custody, pointing to intercepted plans to obtain a new international passport from the United States embassy.
Gambaryan’s defense team argued for bail, citing the presumption of innocence and the lack of concrete evidence demonstrating flight risk. They asserted that Gambaryan’s desire to prove his innocence motivated him to seek bail and accused the prosecution of using the case to extract information from his employer.
In opposition, the EFCC highlighted Gambaryan’s colleague’s escape from custody and argued that granting bail would pose a significant risk, given Gambaryan’s lack of ties to the local community and dual citizenship. They proposed keeping him in EFCC custody rather than prison.
After hearing arguments from both sides, Justice Nwite adjourned the matter for ruling. Gambaryan faces charges alongside Binance Holdings Limited, with the Federal Government alleging their involvement in money laundering and terrorism financing.
Despite the seizure of their passports, Gambaryan’s colleague managed to escape to Kenya, prompting the government to pursue extradition for trial.
Both the EFCC and the Federal Inland Revenue Service (FIRS) have levied charges against Gambaryan and Binance Holdings Limited, with the EFCC focusing on financial malfeasance and the FIRS on tax fraud.
