In a significant legal development, the Federal High Court in Abuja presided over by Justice Emeka Nwite, has refused to grant bail to Tigran Gambaryan, a top official of Binance Holdings Limited.
Tigran Gambaryan is currently in prison custody facing charges of money laundering and terrorism financing.
Delivering the ruling on Friday, Justice Nwite expressed skepticism regarding the likelihood of Gambaryan appearing for trial if released on bail, citing concerns raised by the Economic and Financial Crimes Commission (EFCC) about the defendant’s potential flight risk.
“The court is not convinced that the defendant would be available to face his trial once he is released on bail,” Justice Nwite remarked.
Noting, the absence of sufficient materials presented by Gambaryan to sway the court’s discretion in his favor.
The EFCC had opposed Gambaryan’s bail application, citing intelligence suggesting plans for the defendant to escape from custody, similar to his colleague Nadeem Anjarwalla, who fled to Kenya.
The prosecution highlighted Gambaryan’s attempt to secure a new international passport and his lack of attachment to any community in Nigeria as factors indicating a potential flight risk.
While Gambaryan’s defense team argued for bail based on the presumption of innocence and the absence of credible evidence from the prosecution, the EFCC contended that granting bail would pose a grave risk, given the circumstances of the case and the defendant’s nationality.
In response to the defense’s assertions, the prosecution emphasized the need to prevent a repeat of Anjarwalla’s escape and proposed that Gambaryan be returned to EFCC custody instead of prison.
Gambaryan’s case is part of a broader legal saga involving allegations of financial malfeasance and tax fraud against him and Binance Holdings Limited.
Despite the denial of bail, the court has ordered an accelerated hearing of the matter, underscoring the gravity of the charges and the importance of a timely resolution.
