EFCC Urges Court to Deny Bail for Binance Executive Amidst Allegations of Escape Plot

The Economic and Financial Crimes Commission (EFCC) has fervently advocated against granting bail to Tigran Gambaryan, an executive of Binance Holdings Limited, currently detained pending trial. The agency, presenting its case before Justice Emeka Nwite of the Federal High Court Abuja, highlighted the perceived risks associated with releasing Gambaryan on bail.

Citing the recent escape of co-defendant Nadeem Anjarwalla to Kenya and an alleged attempt by Gambaryan to obtain a new passport after his original one was seized, the EFCC emphasized the potential flight risk posed by the accused. Emeka Iheanacho, the prosecuting counsel, emphasized Gambaryan’s lack of ties to the Nigerian community and the virtual operation of Binance Holdings Limited, underscoring the importance of holding Gambaryan in custody.

Iheanacho underscored the gravity of the situation, expressing concern that granting bail to Gambaryan could lead to a repetition of Anjarwalla’s escape. He cited intelligence information to support the EFCC’s stance, asserting that Gambaryan’s detention in EFCC custody was necessary to prevent any potential flight.

In response, Gambaryan’s legal representative, Mark Mordi (SAN), challenged the grounds for his client’s continued detention, labeling it as “state-sanctioned hostage taking.” Mordi refuted claims of Gambaryan being a flight risk, pointing out that his client’s passport was already in EFCC custody. He dismissed allegations of Gambaryan’s escape plot as unfounded hearsay, urging the court to consider granting bail with appropriate conditions to ensure his client’s attendance at trial.

Following arguments from both sides, Justice Nwite adjourned the proceedings until May 17 for ruling, leaving the decision regarding Gambaryan’s bail in abeyance.

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