News
Money Laundering: Court Denies Binance Executive Tigran Gambaryan Bail
Justice Emeka Nwite of the Federal High Court Abuja has denied bail to Tigran Gambaryan, the embattled Executive of Binance Holdings Limited. The judge expressed concerns that if bail were granted, Gambaryan might flee.
Nation Post reports that Gambaryan and the company were charged with money laundering and pleaded not guilty before Emeka Nwite.
During the hearing, the Defendant’s Counsel, Mark Mordi, argued that the court had the authority to grant bail and impose conditions to ensure Gambaryan’s presence.
However, the Prosecution Counsel, Ekele Iheanacho, opposed the bail application, citing the defendant’s potential to escape. Iheanacho pointed out that Gambaryan had attempted to obtain a new passport, claiming it was stolen, which raised suspicions given his colleague’s recent escape from custody under similar circumstances.
Considering these factors, the court deemed it too risky to grant bail to Gambaryan, particularly since he has no ties to any community in Nigeria.
“The fact that the defendant’s passport is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth,” Iheanaco noted.
The judge emphasized the importance of considering various factors, such as the seriousness of the offence, when determining whether bail should be given to the defendant applicant.
Justice Nwite concurred with the prosecution’s arguments and expressed concern that granting bail to the applicant could result in his fleeing.
Consequently, he directed for the trial to proceed swiftly.
Following the ruling, the EFCC presented its initial witness, an employee of the Securities and Exchange Commission who was involved in the investigation of the alleged money laundering activities.
