EFCC requests court to refuse bail for Binance executive

EFCC Urges Court to Deny Bail Application of Binance Executive

The Economic and Financial Crimes Commission (EFCC) has requested Justice Emeka Nwite of the Federal High Court Abuja to deny the bail application of Tigran Gambaryan, an executive of Binance Holdings Limited who has been in custody for over 50 days.

Flight Risk Argument

Gambaryan’s counsel, Mark Mordi (SAN), argued that his client deserves bail as the prosecution failed to prove that he posed a flight risk. He dismissed claims of Gambaryan planning to escape as false and unreliable hearsay.

Leverage for Information

Mordi further claimed that the EFCC is holding Gambaryan to extract information from his employer, Binance Holdings Limited. The EFCC, however, requested the court to move Gambaryan from Kuje prison to their custody to prevent any potential escape.

Adjournment for Ruling

After hearing arguments from both sides, Justice Nwite adjourned the matter till May 17 for a ruling. Gambaryan, along with his company and a fellow executive who is currently on the run, are accused of money laundering and terrorism financing.

The case alleges that the defendants conspired to conceal the origin of financial proceeds from unlawful activities in Nigeria. While Gambaryan remains in custody, his colleague, Nadeem Anjarwalla, has fled.

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