Binance Manager Tigran Gambaryan’s Bail Request Rejected by the Nigerian Court
Judge Emeka Nwite of the Federal High Court in Abuja has denied bail to Tigran Gambaryan, an executive of leading cryptocurrency exchange binance. In the decision, concerns were expressed that he might escape if he was released. Gambaryan, meanwhile, faces five counts of money laundering with the company.
Reasons Behind the Rejection of Binance Executive’s Bail Application
At the hearing, both defendants did not admit their guilt. Defense lawyer Mark Mordi applied for bail. It emphasizes the court’s authority to impose strict conditions to ensure Gambaryan’s compliance with the case and his presence throughout the trial. In addition, the defense lawyer underlined that bail is a discretionary right and asked the court to evaluate it.
However, the prosecution represented by Ekele Iheanacho strongly opposed the bail application. Iheanacho argued that Gambaryan poses a significant flight risk. He explained that Gambaryan had recently tried to obtain a new passport under suspicious circumstances, claiming that his previous passport had been stolen. This incident raised red flags, especially considering a colleague’s recent escape from custody.
Additionally, Iheanacho emphasized that Gambaryan has no significant ties to any community in Nigeria. Therefore, the possibility of escape increases if he is released on bail. Given these factors, Iheanacho argued that the court could not take such a risk.
After considering the arguments, Judge Nwite ruled in favor of the prosecution. It also highlights the serious nature of the charges and the potential risk of Gambaryan fleeing jurisdiction. As a result, it rejected Gambaryan’s bail application, ordering that he be kept in custody until further court proceedings.
Iheanacho also stated that Gambaryan applied for a new US passport despite knowing that his international passport had been confiscated by Nigerian authorities. Alternatively, the EFCC recommended that the court remand Gambaryan to EFCC custody pending the outcome of the hearing. In response, defense lawyer Mordi argued that his client (Gambaryan) had no history of bail waivers and this should be taken into account by the court when considering his bail request.
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The final decision
In his ruling on the bail application, Justice Nwite stated that an accused accused of an offense punishable by imprisonment of three years or more is generally entitled to bail. However, this does not apply to cases where attempts to conceal evidence are proven. Additionally, interference with the hearing eliminated the possibility of being released on bail.
Judge Nwite noted that a Binance official admitted through an affidavit to traveling to Nigeria to hold meetings with government officials on behalf of the exchange. The judge also highlighted that the Economic and Financial Crimes Commission (EFCC) claimed that the Nigerian government discovered through intelligence that Binance was involved in activities that violate foreign exchange regulations.
Moreover, these violations eventually affected the value of the Naira. Additionally, Nwite pointed out that Gambaryan’s colleague Nadeem had escaped from legal custody. Therefore, the Binance executive’s bail request was denied to prevent him from escaping the country’s jurisdiction.
Previously, the Nigerian government, represented by the EFCC, had accused Binance, Gambaryan and fugitive Nadeem Anjarwalla of conspiring to conceal the source of financial proceeds from illegal activities in Nigeria. This includes $35,400,000, which is an offense under Section 21(a) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3).
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