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HomeLatestCourt Refuses Bail for Binance Official Amidst Flight Risk Concerns

Court Refuses Bail for Binance Official Amidst Flight Risk Concerns

The Federal High Court in Abuja denied bail to Tigran Gambaryan, a senior official at Binance Holdings Limited, who is currently in prison.

Justice Emeka Nwite ruled that there was insufficient assurance Gambaryan would attend his trial for money laundering and terrorism financing if released on bail.

The court emphasized the likelihood of Gambaryan fleeing, as suggested by evidence from the Economic and Financial Crimes Commission (EFCC).

The EFCC had argued that Gambaryan attempted to obtain a new passport to escape, similar to his colleague Nadeem Anjarwalla, who fled to Kenya.

The EFCC stressed that releasing Gambaryan would be risky as he has no strong ties to Nigeria, holding both American and Armenian citizenship.

Gambaryan’s lawyer contended the charges were bailable and that his client posed no flight risk.

However, the court sided with the EFCC’s concerns about Gambaryan’s potential to flee. The case will continue with an accelerated hearing.

Gambaryan faces charges alongside Binance Holdings Limited for financial misconduct, while Anjarwalla is subject to extradition efforts by the government.

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