Tigran Gambaryan, an executive at Binance, faced continued legal issues with the Economic and Financial Crimes Commission (EFCC) of Nigeria as his bail hearing was delayed once more.
The Federal High Court in Abuja paused Gambaryan’s case at its current hearing, granting the EFCC’s legal representative additional time to prepare their response to recently introduced points made by Gambaryan’s defense attorneys.
Gambaryan’s Appeal Adjourned
Based on a report from Nairametrics’ local news source, Judge Emeka Nwite granted a delay in the court proceedings at the request of the lawyer representing the Economic and Financial Crimes Commission (EFCC), E. Iheanacho.
At the hearing, Iheanacho clarified that he required additional time to respond to fresh arguments presented by Gambaryan’s legal team. He supported his request by submitting a newly obtained affidavit from the executive in question.
“Our right to a fair hearing should not be denied because justice rushed is justice denied.”
A delay in the case adds to the existing legal issues for the Binance executive, currently detained after denying money laundering allegations in Nigeria. The Economic and Financial Crimes Commission (EFCC) claims he aided Binance in hiding $35.4 million in revenue from illegal activities, such as unlawful forex dealings.
During the court proceedings, Mark Mordi, lawyer for Gambaryan, made a case for his client’s release based on the prosecution’s failure to answer to the recent affidavit submitted on April 16. The judge granted a delay in the hearing to give the prosecution sufficient time to respond. The next court session is scheduled for April 22, leaving Gambaryan in a state of uncertainty.
Binance’s Nigerian Woes Deepen
Binance and other cryptocurrency platforms have become popular among Nigerians for trading their local currency, the naira, due to the country’s ongoing issues with limited dollar supply. However, Nigerian officials have criticized Binance for worsening their currency problems, an allegation that the exchange strongly refutes.
Afterward, the Economic and Financial Crimes Commission (EFCC) intensified its probe and filed accusations against Binance Holdings Limited, Gambaryan, and the company executive, Nadeem Anjarwalla.
The Nigerian government’s efforts to curb suspected money laundering, focusing on Binance users, led to Binance halting all naira transactions, signifying their exit from Nigeria’s cryptocurrency market.
Simultaneously, Anjarwalla was being hunted down in Nigeria, and this investigation eventually brought the authorities to Kenya. He reportedly escaped Nigeria by getting on a Middle Eastern airline’s flight from Abuja. Despite having his UK passport taken by Nigerian officials, he managed to board the plane using a Kenyan one instead.
Currently, the Nigerian government is collaborating with Interpol and Kenyan officials to bring Anjarwalla back to Nigeria. Once he arrives, the Binance executive will be required to answer to accusations involving the suspected manipulation of the Naira and aiding in illegal money transfers through the exchange.
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2024-04-20 00:34