A significant development unfolded at the Federal High Court in Abuja as Tigran Gambaryan, an executive of Binance, was remanded in Kuje correctional center pending the determination of his bail application. The trial judge, Justice Emeka Nwite, issued the order after Gambaryan pleaded not guilty to money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC) on Monday.
The EFCC had accused Binance, Gambaryan, and Nadeem Anjarwalla, who is currently at large, of concealing the source of $35,400,000 generated as revenue by Binance in Nigeria, alleging that the funds constituted proceeds of unlawful activity.
The proceedings, which commenced on April 4, encountered a delay due to an objection raised by Gambaryan’s counsel, Mark Mordi, SAN. Mordi contended that Gambaryan could not be arraigned since the EFCC had not properly served Binance Holdings Limited.
However, the EFCC’s counsel, E.E. Iheanacho, argued that Gambaryan, as a representative of Binance in Nigeria, was properly served. Justice Nwite upheld the service, citing Section 478 of the Administration of Criminal Justice Act, which stipulates that service must be effected on a chief agent of a company within the jurisdiction.
Furthermore, Justice Nwite highlighted an affidavit submitted by Gambaryan’s lawyer, indicating that Gambaryan and Anjarwalla had traveled to Nigeria to meet with Nigerian government officials on behalf of Binance.
Following the reading of the charges, Gambaryan pleaded not guilty for himself and Binance. The prosecution counsel requested a trial date, while Gambaryan’s lawyer, Mordi, appealed to the court for his client’s bail.
Mordi emphasized the importance of Gambaryan’s freedom, citing his 40-day detention and foreign nationality. However, Iheanacho argued that the proper place for post-arraignment custody is a correctional center, pointing out previous dismissals of preliminary objections.
The judge adjourned the matter until April 18 for the ruling on Gambaryan’s bail application and May 2 for the commencement of trial.