The Economic and Financial Crimes Commission (EFCC) has made a plea to Justice Emeka Nwite of the Federal High Court Abuja, urging him to reject the bail application of Tigran Gambaryan, an executive of Binance Holdings Limited currently in detention.
Expressing concern over the potential flight risk, the anti-graft agency highlighted the recent escape of Gambaryan’s co-defendant, Nadeem Anjarwalla, to Kenya after fleeing custody.
During the court proceedings, the EFCC’s prosecuting counsel, Emeka Iheanacho, revealed the agency’s discovery of an alleged plot by Gambaryan to obtain a new passport, aiming to facilitate his escape from Nigeria despite the seizure of his original passport by the EFCC.
Gambaryan, along with his absconding colleague and Binance Holdings Limited, faces charges of money laundering for concealing the source of $35,400,000 in revenue generated by Binance in Nigeria.
Opposing Gambaryan’s bail application, Iheanacho argued that granting bail would pose a significant risk, given the defendant’s attempted procurement of a new travel document and lack of ties to the Nigerian community.
Furthermore, Iheanacho emphasized the virtual operation of Binance, leaving Gambaryan as the primary individual within reach of the EFCC. He urged the court to refuse bail, citing concerns over potential escape and the need to ensure the defendant’s presence for trial.
In response, Gambaryan’s lawyer, Mark Mordi (SAN), denounced his client’s continued detention as state-sanctioned hostage-taking, emphasizing the absence of evidence indicating flight risk. Mordi challenged the prosecution to produce any incriminating documents.
Maintaining that Gambaryan’s alleged escape plan lacked credible evidence, Mordi urged the court to grant bail, proposing conditions to guarantee his client’s trial attendance.
Following deliberations from both parties, Justice Nwite adjourned the case until May 17 for ruling on the bail application.
