Federal High Court Justice Emeka Nwite has denied bail to Tigran Gambaryan in Abuja, an executive of Binance Holdings Limited. The judge expressed concerns that Gambaryan may flee if granted bail.
Gambaryan and the company he represents were brought before the court on charges related to money laundering. Both of them pleaded not guilty to the charges.
During the proceedings, Mark Mordi who is a counsel to the defendant, argued that the court had the authority to grant bail and impose conditions to ensure Gambaryan’s presence in court.
However, the prosecution, represented by Ekele Iheanacho, opposed the bail application, citing the defendant as a flight risk.
Iheanacho pointed out that Gambaryan had attempted to obtain a new passport, claiming that his previous one had been stolen.
This raised suspicions, especially considering the recent escape of one of his colleagues from custody.
Additionally, the prosecution emphasized that Gambaryan’s status as both an American and Armenian citizen by birth made him a potential flight risk.
The prosecution urged the court to deny the bail application and instead remand Gambaryan in the custody of the Economic and Financial Crimes Commission (EFCC) for his safety and to prevent any potential escape.
In delivering the ruling, Justice Nwite emphasized the need to consider various factors, including the severity of the offense, when deciding on bail applications.
The judge concurred with the prosecution’s arguments and expressed the belief that granting bail to Gambaryan would result in him fleeing.
As a result, Justice Nwite ordered an accelerated hearing for the trial.
The EFCC then proceeded to call its first witness, a staff member of the Securities and Exchange Commission.
