EFCC – Releasing Binance Executive From Custody Risky

EFCC – Releasing Binance Executive From Custody Risky

The Economic and Financial Crimes Commission (EFCC) has pressed for the continued detention of Tigran Gambaryan, a Binance Holdings Limited executive, citing flight risks and alleged attempts to procure a new passport for escape. The agency emphasized the risk, pointing to the recent escape of Gambaryan’s co-defendant, Nadeem Anjarwalla, to Kenya…..READ ALSO EFCC Intensifies Efforts Against Alleged Frauds: Bello And Sirika Under Scrutiny

Gambaryan, along with Anjarwalla and Binance Holdings Limited, faces charges of money laundering, accused of concealing the source of $35.4 million generated by Binance in Nigeria.

In opposition to Gambaryan’s bail application, the EFCC argued that he attempted to obtain a new passport despite his existing one being seized by the authorities. The prosecution raised concerns about Gambaryan’s alleged intentions to escape custody, highlighting his lack of ties to any Nigerian community and the virtual nature of Binance’s operations.

The EFCC emphasized the importance of Gambaryan’s detention, considering him the primary link to the case, especially after Anjarwalla’s escape. The prosecution urged the court to prioritize public safety over the defendant’s potential inconvenience.

In response, Gambaryan’s lawyer denounced his client’s continued detention as unjust, asserting that Gambaryan posed no flight risk. The defense challenged the prosecution to provide evidence supporting their claims of escape plans.

The defense argued that Gambaryan’s detention without credible evidence violated his rights and inflicted undue hardship. They requested the court to grant bail with conditions ensuring Gambaryan’s presence at trial.

After hearing both sides, Justice Emeka Nwite adjourned the case until May 17, promising to deliver a ruling on the bail application. The decision will weigh the arguments presented by the EFCC and Gambaryan’s defense, determining whether Gambaryan will remain in custody or be granted bail pending trial.

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