Breaking: Court remands Binance executive in prison custody over money laundering
Federal High Court Detains Binance Executive, Tigran Gambaryan, in Kuje Prison
Tigran Gambaryan, a top official of Binance Holdings Limited, was remanded in Kuje prison by the Federal High Court sitting in Abuja on Monday. Trial Justice Emeka Nwite ordered his detention after Gambaryan pleaded not guilty to a money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC). The court decided that he should remain in prison until April 18 when his bail application will be determined, with the commencement of hearing on the substantive charge scheduled for May 2.
The arrest and detention of Gambaryan and his colleague, Nadeem Anjarwalla, by the Federal Government were based on alleged involvement of their firm, Binance Holdings Limited, in money laundering and terrorism financing. Anjarwalla, the Africa Regional Manager of Binance, escaped from custody and fled the country, prompting the government to initiate extradition proceedings to bring him back for trial.
Despite Anjarwalla’s escape, both the EFCC and the Federal Inland Revenue Service (FIRS) filed separate criminal charges against the duo and the company. While the EFCC is prosecuting them for alleged complicity in money laundering, the FIRS accused them of engaging in tax fraud.
