EFCC Urges Court to Deny Bail Application of Binance Executive Tigran Gambaryan

The Economic and Financial Crimes Commission (EFCC) has made a strong case against granting bail to Tigran Gambaryan, an executive of Binance Holdings Limited, who is currently detained on money laundering charges. The agency cited the escape of Gambaryan’s co-defendant, Nadeem Anjarwalla, as a reason for denying bail, stating that it was too risky to allow the foreigner to be released.

According to the EFCC, Gambaryan was allegedly involved in a plot to obtain a new passport to facilitate his escape from Nigeria after his original passport was seized by the agency. The prosecutor, Emeka Iheanacho, argued that Gambaryan posed a flight risk and had no strong ties to the Nigerian community, making it likely for him to attempt to flee the country.

The EFCC accused Gambaryan, Anjarwalla, and Binance Holdings Limited of concealing the source of $35,400,000 generated as revenue in Nigeria, claiming that the funds were proceeds of unlawful activity. The agency emphasized the virtual nature of Binance’s operations and the importance of keeping Gambaryan in custody as the only link to the case.

In response, Gambaryan’s lawyer, Mark Mordi, argued that his client’s continued detention was unjust and likened it to “state-sanctioned hostage taking.” Mordi maintained that there was no evidence of Gambaryan being a flight risk and challenged the prosecution to provide incriminating documents.

After hearing arguments from both sides, Justice Emeka Nwite adjourned the case until May 17 for ruling on the bail application. The decision will determine whether Gambaryan will remain in EFCC custody or be granted bail with conditions to ensure his attendance at trial. The outcome of this case will have significant implications for the ongoing prosecution of money laundering charges against Gambaryan, Anjarwalla, and Binance Holdings Limited.