A Federal High Court ruling in Abuja denied bail to Tigran Gambaryan, a high-ranking official at Binance Holdings Limited, currently held in prison custody. The court’s decision, delivered by Justice Emeka Nwite, cited concerns over Gambaryan’s potential flight risk amid charges of money laundering and terrorism financing.
Justice Nwite emphasized the lack of compelling evidence presented by Gambaryan to warrant bail, based on affidavit evidence from the Economic and Financial Crimes Commission (EFCC), which suggested a risk of flight.
As a result, the court dismissed Gambaryan’s bail application, ordering an expedited trial process.
The EFCC had previously urged the court to keep Gambaryan in Kuje prison, citing intelligence suggesting plans for his escape and noting an attempt to obtain a new international passport.
In response, Gambaryan’s legal team argued for bail under sections 157 and 162 of the Administration of Criminal Justice Act, 2015, emphasizing his presumption of innocence and disputing claims of flight risk as hearsay.
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The prosecution countered with details of Gambaryan’s colleague’s escape and highlighted his lack of ties to Nigeria, citing concerns over potential repeat incidents.
Justice Nwite adjourned the matter for further proceedings.
Gambaryan faces charges alongside Binance Holdings Limited for alleged financial misconduct, amid ongoing legal actions by both the EFCC and the Federal Inland Revenue Service (FIRS).
Despite the arrest and detention of Gambaryan and his colleague Nadeem Anjarwalla, and the confiscation of their passports, Anjarwalla evaded custody, prompting efforts to locate and extradite him.
The EFCC and FIRS have separately charged the defendants and the company, alleging involvement in money laundering, terrorism financing, and tax fraud.
