BREAKING: Binance executive Gambaryan denied bail, remains in Kuje Prison

In a significant development, an Abuja Federal High Court has denied bail to Tigran Gambaryan, a Binance executive detained on money laundering charges. Justice Emeka Nwite ruled that Gambaryan posed a flight risk, emphasizing, “The affidavit evidence before me indicates that the applicant will jump bail if granted.”

The court has ordered an expedited trial to ensure swift proceedings. Gambaryan, who has been held at Kuje Correctional Centre since pleading not guilty, was accused alongside Binance Holdings Limited and Nadeem Anjarwalla of concealing the origins of $35.4 million from unlawful activities in Nigeria.

Gambaryan’s attorney, Mark Mordi, SAN, argued that there was no credible evidence from the EFCC to support claims that his client would flee. However, the EFCC’s counsel, Ekele Iheanacho, contended that Gambaryan had no strong ties to Nigeria and had attempted to obtain a new U.S. passport while in detention, underscoring his flight risk.

Anjarwalla, a co-accused, escaped custody in March, further influencing the court’s decision. The ruling has set the stage for an accelerated trial, promising a swift resolution to the high-profile case.