A bail application hearing for Tigran Gambaryan, a Binance executive who is currently detained, took place on Tuesday at a Federal High Court in Abuja.
Counsel for the Economic and Financial Crimes Commission (EFCC) and Gambaryan’s lawyer, Mark Mordi, SAN, presented their cases for and against the bail plea.
Following the presentation, Justice Emeka Nwite fixed a date for the ruling on May 17.
Recall that Gambaryan was remanded in Kuje Correctional Centre after pleading not guilty to the money laundering charges filed against him by the EFCC.
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According to the charges, Binance Holdings Limited, Gambaryan, and Nadeem Anjarwalla, another Binance agent, allegedly conspired to hide the origin of their financial proceeds in Nigeria, including $35,400,000.
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Their act was said to be contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among others.
Anjarwalla, however, escaped from lawful custody on March 22 and fled to Kenya.
During the hearing, Mordi argued that Gambaryan should be granted bail since the EFCC had failed to provide any credible evidence to oppose his application.
He also dismissed the allegation that Gambaryan was planning to escape, stating that no exhibit or document displaying EFCC’s credible intelligence.
Iheanacho, on the other hand, argued against granting Gambaryan bail, stating that he was a flight risk since he has no attachment to any community in Nigeria and no competent person to stand as his surety.
He also claimed that Gambaryan attempted to apply for a new United States (US) passport while in detention, even though his passport was seized by the Nigerian state.
He urged the court to dismiss the bail application or to return the applicant to EFCC custody if the judge decides to grant him bail.
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