As a long-term crypto investor with a keen interest in the global regulatory landscape, I find the recent turn of events regarding Binance executive Tigran Gambaryan’s tax evasion charges and subsequent detention in Nigeria disconcerting.
The Nigerian Federal Inland Revenue Service (FIRS) has accused the Nigerian Correctional Service of not bringing detained Binance executive Tigran Gambaryan to the Federal High Court in Abuja for tax evasion proceedings.
According to reports, Gambaryan failed to appear in court on May 22 for his scheduled arraignment on tax evasion charges brought against him by the Federal Inland Revenue Service (FIRS).
FIRS Points Finger at Correctional Service
In March 2024, Binance and its top officials were accused of tax evasion by the tax agency, facing a total of four counts per person. Separately, Gambaryan, a Binance executive, was taken into custody in Abuja’s Kuje Correctional Centre in April following his arrest on money laundering charges brought forth by the Economic and Financial Crime Commission. Despite requesting bail, he has been unable to secure it and remains imprisoned.
At the trial on Wednesday, defense lawyer Moses Idehu voiced perplexity over Gambaryan’s absence, sharing details of failed efforts to contact the correctional facility. He asked for a short adjournment to tackle this issue later in the day.
During the court proceedings, my client, Gambaryan’s lawyer Chukwuka Ikwuazo, requested the judge to instruct FIRS (Federal Inland Revenue Service) to eliminate Nadeem Anjarwalla’s name from the updated charges since he has been declared a fugitive. The legal representative of FIRS consented to this modification in the charges.
During a public investigation, Gambaryan and Anjarwalla were taken into custody and accused of contributing to Nigeria’s economic woes and financing terrorism. Subsequently, their passports were confiscated, and they were relocated to a safe holding area.
Dangerous Precedent
When speaking in support of Gambaryan’s release, who previously led Binance’s Financial Crime Compliance unit, the exchange’s CEO, Richard Teng, voiced concern over the Nigerian authorities’ decision. He warned that this action could establish a harmful precedent for businesses worldwide.
Teng made it clear that Gambaryan’s trip to Nigeria was intended only for sharing his knowledge on financial crimes, engaging in financial policies, and enhancing capabilities. However, despite multiple promises of safety from Nigerian officials, the detentions still occurred.
After being detained, I found myself at Nigeria’s Kuje prison. This facility gained notoriety following an Islamic State attack in July 2022 during which several inmates managed to escape. Notably, among its past inmates are prominent figures like the former central bank governor, Godwin Emefiele.
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2024-05-24 07:23