Market News

Court remands Binance executive in prison custody over money laundering - VANGUARD

APRIL 08, 2024

By Ikechukwu Nnochiri

The Federal High Court sitting in Abuja, on Monday, remanded a top official of Binance Holdings Limited, Tigran Gambaryan, in Kuje prison.

Trial Justice Emeka Nwite remanded the defendant after he pleaded not guilty to a money laundering charge that was preferred against him by the Economic and Financial Crimes Commission, EFCC.

The court held that he should remain in prison till April 18, when his bail application will be determined, even as it slated May 2 for the commencement of hearing on the substantive charge against him.

It will be recalled that the Federal Government had arrested and detained Gambaryan and his colleague, Nadeem Anjarwalla, over alleged involvement of their firm, Binance Holdings Limited, in money laundering and terrorism financing.

However, Anjarwalla, who is the Africa Regional Manager of Binance, escaped from custody and fled the country, with the government initiating the process to arrest and extradite him back for trial. 

Despite the development, both the EFCC and the Federal Inland Revenue Service, FIRS, slammed separate criminal charges against the duo and the company.

Whereas the anti-graft agency is prosecuting the defendants over their alleged complicity in money laundering, the FIRS accused them of engaging in tax fraud.


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