On Friday, a Federal High Court in Abuja denied the bail application of Tigran Gambaryan, an executive at the cryptocurrency firm Binance Holdings Limited.
Justice Emeka Nwite, who delivered the ruling, stated that after a careful review of the application, he concluded that the defendant posed a high risk of absconding if granted bail.
Gambaryan, along with Binance Holdings Limited and another top executive, Nadeem Anjarwalla—who is currently on the run—have been charged by the Economic and Financial Crimes Commission (EFCC) with money laundering and financing terrorism.
Justice Nwite cited substantial evidence suggesting that Gambaryan would likely flee if released on bail.
He highlighted the fact that Gambaryan was present when the first defendant, presumably Anjarwalla, fled the country.
This, according to the judge, further reinforced the likelihood that Gambaryan would escape if granted bail.
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