Court remands Gambaryan, Binnace executive in Kuje Prison

… trial on $35.4m money laundering case against firm begins May 2

A Federal High Court sitting in Abuja has remanded Tigran Gambaryan, one of Binance’s executives in Kuje Correctional Centre.

Gambaryan, who has been in the custody of the Economic and Financial Crimes Commission (EFCC), was remanded in the correctional facility after he pleaded not guilty to the money laundering charges preferred against him by the anti-graft agency on Monday.

Gambaryan will remain in custody until the court decides on his bail application, with a hearing scheduled for May 18.

The EFCC alleged that Gambaryan and another Binance executive, Nadeem Anjarwalla, were involved in money laundering amounting to $35.4 million, with charges, including operating without a valid licence and violation of the Banks and Other Financial Institutions Act (BOFIA) 2020.

Additionally, the Federal Inland Revenue Service (FIRS) has filed charges against Binance for failing to register and pay taxes in Nigeria between February 1, 2024, and March 22, 2024.

The EFCC arraigned Gambaryan, Binance Holdings Limited before Justice Nwite over alleged money laundering on Monday.

The scheduled arraignment failed on Thursday last week after the prosecution said it could not serve charges on the defendants. Mark Mordi, counsel to Gambaryan, had faulted the moves by the EFCC to serve his client charges on behalf of Binance Holdings listed as the first defendant. Mordi argued that his client was neither an authorised representative of the company in the country and as such cannot be served on behalf of the first defendant.

But the court in its ruling on the service of charge held that Gambaryan, who is the second defendant be arraigned and served the charge on behalf of the company, being a certified agent of the company within its jurisdiction.

Justice Nwite held that the service on Gambaryan on behalf of the company was proper while referring to section 478 of the Administration of Criminal Justice Act which stipulates that service must be effected on an agent of a company within the jurisdiction.

“The service of the second defendant on behalf of the first defendant is proper. The court should proceed with the arraignment of the defendants.

“There cannot be a better service of the charge on the company through the 2nd defendant who has been identified as an agent of Binance within the jurisdiction”, the judge held.

The court consequently moved that Gambaryan be arraigned and the charge be read to him and where the charge affects the first defendant, a plea of not guilty be entered on its behalf.

After taking the plea the court ordered that he be remanded in Kuje.

Justice Nwite then adjourned till April 18 for the hearing of his bail application and May 2nd for the commencement of trial.