The Federal High Court sitting in Abuja, on Monday, ordered the detention of Tigran Gambaryan, a senior official of Binance Holdings Limited, in Kuje prison.
Trial Justice Emeka Nwite remanded the defendant after he pleaded not guilty to a money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
The court ruled that Gambaryan should be held in prison until April 18, when his bail application will be considered. Additionally, it scheduled May 2 for the commencement of the hearing on the substantive charge against him.
As a reminder, the Federal Government had apprehended and detained Tigran Gambaryan and his colleague, Nadeem Anjarwalla, for their alleged involvement with their company, Binance Holdings Limited, in money laundering and terrorism financing activities.
However, Anjarwalla, who serves as the Africa Regional Manager of Binance, managed to escape custody and fled the country. Consequently, the government has initiated extradition proceedings to bring him back for trial.
Despite this development, both the Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) have filed separate criminal charges against the defendants and the company.
While the EFCC is prosecuting the defendants for their alleged involvement in money laundering, the FIRS has accused them of tax fraud.