Justice Emeka Nwite of the Federal High Court in Abuja rejected a bail application on May 17, 2024, for Tigran Gambaryan, a Binance executive and second defendant in a case involving alleged tax evasion, currency speculation, and money laundering totaling $34.4 million.
In his ruling, Justice Nwite emphasized Gambaryan’s disregard for the Nigerian Constitution, noting a plot to escape custody similar to his co-defendant, Nadeem Anjarwalla, who had already fled. The court highlighted that Gambaryan and Anjarwalla were detained together before the latter’s escape, and other co-conspirators remain fugitives in the United Kingdom.
“The application is hereby refused,” the judge stated.
The court proceeded with the prosecution, allowing EFCC counsel Ekele Iheanacho to present the first witness, Abdulqadir Abbas, director of operations at the Securities and Exchange Commission (SEC). Abbas testified that he first encountered Anjarwalla at a meeting convened by the National Security Adviser (NSA) to discuss the financial operations of the defendants in Nigeria.
Abbas highlighted that Anjarwalla’s platform was neither registered nor regulated by the SEC, violating the Investment and Securities Act of 2007. He also noted unauthorized public solicitations and the adverse impact of the platform’s Naira Peer-to-Peer (P2P) crypto transactions on Nigeria’s official exchange rate, as the platform became a reference point for determining exchange rates, independent of the Central Bank of Nigeria’s regulations.
The hearing was adjourned to May 23, 2024, for the cross-examination of the witness. The EFCC is prosecuting Gambaryan and Anjarwalla on a five-count charge related to tax evasion, currency speculation, and money laundering involving $34.4 million.
