Justice Emeka Nwite of the Federal High Court in Abuja, Nigeria has denied bail to Tigran Gambaryan, an executive of Binance Holdings Limited. The judge expressed concerns that Gambaryan might abscond if granted bail.
Gambaryan, along with Binance Holdings, faces a five-count charge related to money laundering. Both defendants pleaded not guilty to the charges.
During the bail hearing, Mark Mordi, counsel for the defense, argued that the court could impose conditions to ensure Gambaryan’s presence at trial. However, Prosecution Counsel Ekele Iheanacho opposed the bail application, citing Gambaryan as a flight risk. Iheanacho highlighted Gambaryan’s recent attempt to obtain a new passport under suspicious circumstances, noting his dual citizenship with the United States and Armenia.
“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria,” Iheanacho stated. He urged the court to remand Gambaryan in the custody of the Economic and Financial Crimes Commission (EFCC) to ensure his safety and prevent escape.
Justice Nwite agreed with the prosecution, stating that the severity of the offense and other factors indicated a high likelihood of Gambaryan fleeing if released on bail. The judge thus ordered that the trial be expedited.
Following the ruling, the EFCC called its first witness, a staff member of the Securities and Exchange Commission.
