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Tag: Binance

  • Binance’s operations negatively impacted financial system — SEC director

    Binance’s operations negatively impacted financial system — SEC director

    • Court rejects company’s official’s bail application

    • FIRS amends tax evasion charge

    A director in the Security and Exchange Commission (SEC), Abdulkadir Abbas, yesterday told a Federal High Court in Abuja that the operations of Binance Holdings Limited in Nigeria were illegal and circumvented the normal currency trading route put in place by regulators.

    Abbas, Director Registration, Exchanges and Market Infrastructure Department at SEC, spoke while testifying as the first prosecution witness in the trial of Binance and two of its officials on a charge bordering on money laundering.

    Binance, Tigran Gambaryan Nadeem Anjarwalla, the firm’s Regional Manager for Africa (who escaped from lawful custody) are being prosecuted by the Economic and Financial Crimes Commission (EFCC).

    Led in evidence by prosecuting lawyer, Ekele Iheanacho, Abbas said he met Gambaryan once during a meeting at the office of the National Security Adviser (NSA).

    Abbas said Binance and its officials were invited by the NSA to the meeting to discuss its operations and the impact on the Nigerian economy.

    The witness added: “At the meeting, it was clearly observed that the first defendant’s (Binance’s) mode of operation is against the provision of the Investment and Securities Act 2007

    “Apart from not being registered in Nigeria and making public solicitation without authorisation, the first defendant operates a naira peer to peer (P2P) in exchange for crypto assets.

    Read Also: Tackling Nigeria’s inflation woes

    “The naira P2P being deployed in the transaction, circumvents the normal trading route.

    “This is because the Central Bank of Nigeria (CBN) has banned banks from providing certain settlement platform for crypto exchange.

    “As a result of the naira P2P deployed by Binance, and coupled with the large number of Nigerian users who were leveraging on that model, it adversely affected the official exchange rate.

    “As a matter of fact, the Binance platform became a reference point for determining the exchange rate.

    “The naira P2P model created uncertainty and high level of volatility in the exchange rate as Nigerian users trade arbitrarily on the platform, thereby impacting negatively on financial system stability.

    “The naira P2P rate quoted on Binance’s platform is not referencing any official rate, and its continuous operation affects the value of our naira.

    “This was one of the serious concerns raised at the meeting we had at the office of the NSA.”

    Witness claimed that the rate at which naira was being sold on Binance’s platform had no relationship with the official exchange rate, and the rate on Binance’s platform was not driven by any fundamentals.

    According to him, it got to a stage where the value of the naira was determined by the rate quoted on Binance’s platform.

    He said the rate had no correlation or relationship with the official rate.

    Abbas said by operating its platform, which is not registered or regulated by the SEC in Nigeria, Binance was in breach of the extant provisions of the Investment and Securities Act 2007

    “In addition, by making public solicitation to Nigerians without due authorization by the SEC, the first defendant violated the Investment and Security Act,” he said.

    Following the conclusion of Abbas’s evidence-in-chief, lawyer to Binance, Babatunde Fagbohunlu (SAN), said he needed to retrieve some documents from the court with which he planned to cross examine the witness.

    Fagbohunlu said he submitted an application to that effect earlier in the day, which was yet to be approved.

    He sought a short stand down to enable him confirm if his application was approved and if the documents could be made available to him.

    Justice Emeka Nwite noted that since his application was filed only yesterday, it might be difficult to have it approved if the case was stood down.

    Justice Nwite then adjourned till May 23 at 12 noon for cross examination.

    In an earlier ruling, Justice Nwite dismissed the bail application filed by Gambaryan, who is currently held in Kuje Correctional Centre, Abuja.

    Justice Nwite held that there was the likelihood that Gambaryan would jump bail, bearing in mind the fact that he has no family members or relatives in the country.

    He agreed with the prosecution that with the earlier escape of Gambaryan’s co-defendant, Nadeem Anjarwalla (the Binance Regional Manager for Africa) from custody, it would be unwise to grant bail to Gambaryan.

    Also, the court adjourned till May 22 for the arraignment of Binance and Gambaryan on an amended tax evasion charge brought against them by the Federal Inland Revenue Service (FIRS).

    The FIRS amended the charge to reflect that Anjarwalla, earlier listed as one of the defendants, was now at large.

    In Count one of the charges, the accused persons are alleged to have been  involved in carrying and offering services to subscribers on their platform, known as Binance which they failed to register with the FIRS for the purpose of paying all relevant taxes administered by the service.

    The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act (as amended) respectively.

  • We are disappointed in today’s court ruling against Gambaryan – Binance

    We are disappointed in today’s court ruling against Gambaryan – Binance

    Binance Holdings Limited has expressed its displeasure in the Friday, May 17, ruling of the court against its official, Tigran Gambaryan, being tried for alleged money laundering offences.

    In a statement by its spokesperson, Binance said, it is deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained.

    The Nation reports that a Federal High Court in Abuja dismissed the bail application filed by Tigran Gambaryan, being tried for alleged money laundering offences.

    Read Also: UPDATED: Binance’s operations negatively impacted Nigeria’s financial system – SEC director

    In the ruling on Friday, Justice Emeka Nwite held that there was a likelihood that Gambaryan would jump bail.

    Justice Nwite agreed with prosecuting lawyer, Ekele Iheanacho that, with the earlier escape of Gambaryan’s co-defendant, Nadeem Anjarwalla (the Binance Regional Manager for Africa) from custody, it would be unwise to grant bail to Gambaryan.

    However, reacting to the judgment, Binance Spokesperson said: “We are deeply disappointed that Tigran Gambaryan, who has no decision-making power in the company, continues to be detained.

    “Tigran has been dedicated to public service and fighting crime for most of his life. These charges against him are completely meritless. He should be freed while discussions continue between Binance and Nigerian government officials.”

  • UPDATED: Binance’s operations negatively impacted Nigeria’s financial system – SEC director

    UPDATED: Binance’s operations negatively impacted Nigeria’s financial system – SEC director

    …FIRS amends tax evasion charge

    A Federal High Court in Abuja heard on Friday, May 17, how the operations of Binance Holdings Limited negatively impacted Nigeria’s financial system.

    A director with the Security and Exchange Commission (SEC), Abdulkadir Abbas told the court that not only did Binance operate in Nigeria illegally, its mode of operation circumvented the normal currency trading route put in place by regulators.

    Abbas, who is the Director of Registration, Exchanges and Market Infrastructure Department at SEC spoke while testifying as the first prosecution witness in the trial of Binance, and two of its officials on a charge bordering on money laundering.

    Binance, Tigran Gambaryan Nadeem Anjarwalla, the firm’s Regional Manager for Africa (who escaped from lawful custody) is being prosecuted by the Economic and Financial Crimes Commission (EFCC).

    Led in evidence by prosecuting lawyer, Ekele Iheanacho, Abbas said he met Gambaryan once during a meeting at the office of the National Security Adviser (NSA).

    Abbas said Binance and its officials were invited by the NSA to the meeting to discuss its operations and the impact on the Nigerian economy.

    The witness added: “At the meeting, it was clearly observed that the first defendant’s (Binance’s) mode of operation is against the provision of the Investment and Securities Act 2007

    “Apart from not being registered in Nigeria and making public solicitation without authorisation, the first defendant operates a naira peer-to-peer (P2P) in exchange for crypto assets

    “The naira P2P being deployed in the transaction circumvents the normal trading route.

    “This is because the Central Bank of Nigeria (CBN) has banned banks from providing certain settlement platforms for crypto exchange.

    “As a result of the naira P2P deployed by Binance, and coupled with the large number of Nigerian users, who were leveraging on that model, it adversely affected the official exchange rate.

    “As a matter of fact, the Binance platform became a reference point for determining the exchange rate.

    “The naira P2P model created uncertainty and a high level of volatility in the exchange rate as Nigerian users’ trade arbitrarily on the platform, thereby impacting negatively financial system stability.

    Read Also: JUST IN: Court rejects Binance official’s bail request

    “The naira P2P rate quoted on Binance’s platform is not referencing any official rate and its continuous operation affects the value of our naira.

    “This was one of the serious concerns raised at the meeting we had at the office of the NSA,” the witness said

    He added that the rate at which naira was being sold on Binance’s platform had not relationship with the official exchange rate.

    Abbas said the rate on Binance’s platform was not driven by any fundamentals, adding that it got to a stage where the value of the naira was determined based on the rate quoted on Binance’s platform.

    He said the rate had no correlation or relationship with the official rate.

    The witness said by operating its platform, which is not registered or regulated by the SEC in Nigeria, Binance was in breach of the extant provisions of the Investment and Securities Act 2007

    “In addition, by making public solicitation to Nigerians without due authorization by the SEC, the first defendant violated the Investment and Security Act,” the witness said.

    At the conclusion of his evidence-in-chief, lawyer to Binance, Babatunde Fagbohunlu (SAN) he needed to retrieve some documents from the court with which he planned to cross-examine the witness.

    Fagbohunlu said he submitted an application to that effect earlier in the day, which was not yet approved.

    He sought a short stand down to enable him to confirm if his application was approved and if the documents could be made available to him.

    Justice Emeka Nwite noted that since his application was filed today, it may be difficult to have it approved if the case was stood down.

    Justice Nwite elected to adjourn till May 23 at 12 noon for cross-examination.

    In an earlier ruling, Justice Nwite dismissed the bail application filed by Gambaryan, who is currently being held in Kuje prison, Abuja.

    Justice Nwite held that there was a likelihood that Gambaryan would jump bail, bearing in mind the fact that he has no family members or relatives in the country.

    Justice Nwite agreed with the prosecution that with the earlier escape of Gambaryan’s co-defendant, Nadeem Anjarwalla (the Binance Regional Manager for Africa) from custody, it would be unwise to grant bail to Gambaryan.

    Also, the court adjourned till May 22 for the arraignment of Binance and Gambaryan on an amended tax evasion charge brought against them by the Federal Inland Revenue Service (FIRS).

    The FIRS amended the charge to reflect that Anjarwalla, earlier listed as one of the defendants, was now at large.

  • Bribery allegations: Binance employing diversionary tactics, says committee

    Bribery allegations: Binance employing diversionary tactics, says committee

    The House of Representatives Committee on Financial Crimes said on Tuesday, May 14, that the bribery allegations by the Chief Executive Officer of Binance were aimed at diverting attention from its investigation of fraud-related activities against the company.

    The chairman of the committee, Ginger Onwusibe said at a news conference that the committee was investigating allegations of multiple financial and economic crimes and irregularities against the company.

    According to him, the allegations against Binance by several Civil Society Organisations including violations of the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, violations of the provisions of the Investments and Securities Act, 2007, and the Rules on Issuance, Offering Platforms and Custody of Digital Assets (the “Digital Assets Rules”), May 2022 and violation of relevant provisions of Nigeria’s Tax laws resulting in tax evasion, defrauding Nigeria of billions of dollars in tax revenue.

    He said: “The Committee pursuant to its Constitutional and legitimate functions promptly commenced investigation of the said Petitions by inviting Binance to appear before it and give clarifications on the allegations.

    “Accordingly, an invitation letter dated 8th December 2023 was formerly sent via email to Mr. Richard Teng, Chief Executive Officer (CEO) of Binance inviting the organization to appear before the Committee.

    “Following formal communications between the Committee and Binance, 10th January 2024 was agreed upon by the parties as a convenient date for a Public Hearing on the matter. Subsequently and before the agreed date, Binance through their Counsel reached out to the Committee to request for a pre-hearing meeting to give them deeper insight into the allegations against them which will assist them in preparing for the Public Hearing.

    “The Committee approved the request of the Binance team and scheduled the pre-hearing meeting for the 8th day of January 2024 at the National Assembly Complex.

    “On the 8th day of January 2024, the Committee represented by three of its members and its Clerk led by Hon. (Chief) Peter Akpanke (Obudu/Bekwarra/Obanliku Federal Constituency), met with a six-member team representing Binance.

    “Detailed facts on the allegations against Binance as contained in the aforesaid Petitions, was made available to the Binance team to assist them in preparing for the Public Hearing scheduled for the 10th day of January 2024. The meeting was open, transparent and ended on a cordial note. No solicitation or demands of any type was made by representatives of the Committee to Binance at the meeting.

    “On the 10th day of January 2024, Binance failed to appear for the Public Hearing having earlier forwarded a request for an extension of time to enable the organization to prepare adequately. The Committee obliged the request and rescheduled the Public Hearing.

    “On the rescheduled date, Binance failed to appear and instead sent its Counsel to represent them. The Committee frowned at this disregard of the Committee from Binance and abuse of its goodwill in accommodating them. The Committee again rescheduled the Public Hearing for the 4th day of March 2024 and directed Binance to formally and properly appear through its principal employees on that date.

    “In order to pull the wool over the eyes of Nigerians and the general public with the view to draw away the attention of the world from its unlawful refusal to appear at a legitimate and Constitutional Parliamentary Public Hearing to answer to allegations of criminal and fraudulent activities, Binance belatedly came up with fabricated, false and malicious allegations of solicitations for bribes by the Committee. The allegations are totally false and unfounded.

    “The Committee wishes to emphasize that all interactions with Binance were formal, open, and transparent. The Committee never met with the Binance team outside the National Assembly nor did the Committee delegate any individual or entity to meet with the Binance Team on its behalf for any purpose.

    “It should also be noted that the Committee formally communicated with the Federal Inland Revenue Services (FIRS) to ascertain the tax liabilities of Binance. No amount in figures was conveyed to the Committee as per the extant tax default by Binance.

    “Although Binance has refused, neglected and/or failed to appear before the Public Hearing scheduled by the Committee, the Committee has proceeded with its investigations which have so far revealed prima facie incidents of unlawful infractions by Binance.

    The infractions, he said include tax evasion having operated illegally in Nigeria, generating Billions of dollars in profits with zero tax remittance and providing a platform for money laundering activities and illegal transfer of funds to foreign shores.

    The infractions also include providing a platform for terrorism financing, enabling terrorists and enemies of the Nigerian State to receive ransoms without trace thus facilitating the purchase of sophisticated arms and weapons, adversely manipulating the Nigerian Forex space which led to a sharp spike in the price of foreign currencies against the Naira and operating outside the regulations of the Securities and Exchange Commission (SEC).

    Onwusibe stressed that the “sophisticated criminality of Binance is demonstrated by its actions in organizing and carrying out the escape from the lawful custody of the Office of the National Security Adviser (ONSA) and the Economic and Financial Crimes Commission (EFCC) on the 23rd day of March 2024, of its employee, Mr. Nadeem Anjarwalla, using forged Kenyan Passport (while his genuine British Passport is still in the custody of the authorities).

    Read Also: UPDATED: Reps to investigate escape of Binance chief from custody, probe bribery allegations

    “It is important to emphasize that Nigerian Security and Regulatory Agencies such as the ONSA, EFCC, NFIU, SEC, CBN, etc, were already investigating the alleged criminal activities of Binance independent of the Petitions before the Committee.

    “Clearly, the criminal activities of Binance in Nigeria had gained notoriety. Indeed, the criminal activities of Binance is not just a Nigerian issue but a global problem. It should interest Nigerians to know that on the 30th day of April 2024 the founder of Binance, Mr. Changpeng Zhao, was sentenced to four months in prison (down from three years demanded by prosecutors) for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).”

    He assured Nigerians of the integrity, transparency and competence of the House Committee on Financial Crimes, saying we refuse to be diminished or deflated by the shenanigans of Binance and other enemies of Nigeria.

    He said: “We recognize that the blackmail by Binance is merely an attempt to distract and draw attention away from the serious allegations of criminality against it which is now compounded by its role in the security breach of the sovereign Nigerian state.”

  • Resist Binance’s blackmail, U.S. Mayor urges Fed Govt

    Resist Binance’s blackmail, U.S. Mayor urges Fed Govt

    A United States Mayor, Mr Mike Arnold, has urged the Federal Government to discountenance the allegation by Binance, a Cryptocurrency platform, that an unnamed Nigerian official demanded a $150 million bribe to frustrate the investigation and trial of the company’s executives.

    Binance’s Chief Executive Officer, Mr Richard Teng,  on Tuesday, alleged that some persons in Nigeria bribe in digital currency to terminate the problems its officials has with then government.

    Teng’s allegation came on the heels of the detention of the company’s Regional Manager for Africa, Mr Nadeem Anjarwalla, and Head of Financial Crime Compliance in Nigeria, Mr Tigran Gambaryan, on 28 February 2024 for foreign exchange manipulation and illegal operation in Nigeria.

    A federal government official denied the allegation yesterday, alleging that it is sheer blackmail that will be thoroughly investigated.

    Read Also; I didn’t propose increase in VAT rate, says Taiwo Oyedele

     But Arnold asked the Federal Government to dismiss the allegation, saying it was the habitual pastime of Binance to blackmail its way out of serious criminal investigation and trial.

    “Given that we in the United States have our own experience with Binance, I am inclined to believe that this allegation is an attempt by the crypto exchange to escape the Nigerian charges,” the Mayor of Blanco, Texas, said in a statement.

    According to him he was conversant with many top Nigerian officials, who he said, were diligent in the discharge of their duties.

     “I do not believe this story. Not even for one second. Not at all. I know officials of the current Nigerian administration, who are some of the finest specimens of gentlemanliness,” he added.

     Stating that he had just returned from Nigeria, Arnold challenged Binance officials to come clean with the officials demanding the bribe from it instead of splashing mud on every Nigerian official.

     The mayor said: “However, I will give Binance the benefit of the doubt and ask them not to make blanket allegations, but to mention names. Who demanded bribes. Surely not ghosts. They must have names. Mentionable names. And if their story is true, Binance is challenged to come clean with the who, what, where and when.”

  • UPDATED: Reps to investigate escape of Binance chief from custody, probe bribery allegations

    UPDATED: Reps to investigate escape of Binance chief from custody, probe bribery allegations

    The House of Representatives on Wednesday, May 8, resolved to investigate the circumstances leading to the escape of one of the two Binance chiefs from the custody of the National Security Adviser (NSA).

    Nadeem Anjarwalla, one of the two executives at Binance detained for money laundering, escaped from the custody of the NSA on March 22, 2024.

    Adopting a motion by Dominic Okafor (LP, Anambra) the House asked its relevant committees to conduct an investigation on the detainee’s escape and fish out those culpable in the escape.

    The House wants those found guilty of aiding the escape of the detainee should be brought to justice.

    The Binance executive has been arrested by the Police in Kenya and is expected to be extracted to Nigeria by Interpol to face prosecution.

    The House wants those found guilty of aiding the escape of the detainee should be brought to justice.

    The Binance Executive has been arrested by the Police in Kenya and is expected to be extracted to Nigeria by Interpol to face prosecution.

    Okafor recalled that the Nigerian government arrested and detained Nadeem Anjarwalla, an executive of a cryptocurrency exchange Company, Binance on February 26, 2024, for alleged complicity of the Company in money laundering and terrorism financing.

    According to him, the two Binance executives were billed to appear in court on April 4, 2024, to answer to the alleged crimes against Nigeria before the security breach occurred which led to the escape of one of the Company’s executives in a very scandalous dimension.

    He alleged that persons suspected to have committed such atrocious crimes against the State of Nigeria with already over-burdened Security challenges were kept in a guest house in Abuja instead of lawful custody of the Department of State Service or any other approved custodial facility.

    Read Also: Binance: EFCC presents two witnesses as money laundering trial stalls

    He said the escape of the Binance executive from the office of the National Security Adviser using a “Smuggled Passport” is, to say the least, most disappointing, embarrassing, and disturbing as it portrays the porosity of the security architecture of the Country to the world.

    He stressed that weeks after the Unfortunate escape and the inability of the Security forces to re-arrest Nadeem Anjarwalla, the Kenyan Police arrested him on April 22, 2024, as the International Criminal Police Organization

    Also rising under privilege, a member of the House, Nkama Nkemkama (LP, Ebony) alleged that an official of a Company he did not name accused the House of demanding a bribe from them.

    He alleged that the House has never had any dealings with the individual whose name he also did not mention, suggesting that the House investigate to determine the truth behind the allegation.

    The lawmaker said: “We have never invited this person before. This House has never had a meeting with this person before. And this person woke up one morning and decided to accuse this House of demanding a bribe from them. This House can never allow itself to be embarrassed or talked down on in any way”.

    The Nation recalled that on three occasions, the House Committee on Anti-Corruption on Anti-corruption had invited officials Binance to an investigative hearing in relation to a petition by some acclaimed Niger Delta Youths.

    At each of the three meetings, legal representatives of the company appeared on their behalf but were turned back on the excuse that only an executive of the company can address the committee in line with the rules of the House.

    In his ruling, Speaker Abbas Tajudeen also maintained the same false claim that the committee never had an interface with Binance.

  • Binance’s bribery claims diversionary, says FG

    Binance’s bribery claims diversionary, says FG

    The Minister of Information and National Orientation, Mohammed Idris, has dismissed the bribery claims made by the CEO of Binance as a distraction.

    The minister in a statement said the claims lack any iota of substance.

    He, therefore, advised the organisation to submit itself to due judicial process rather than embarking on fictional claims and mudslinging media campaigns.

    The statement which was signed by the media aide to the minister, Rabiu Ibrahim reads: “The federal government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations.

    “In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.

    “This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria.

    Read Also: Binance: EFCC presents two witnesses as money laundering trial stalls

    “The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.

    “While this lawful investigation was going on, an executive of Binance, who was in court-sanctioned protective custody, escaped from Nigeria, and he is now a fugitive from the law. Working with the security agencies in Nigeria, Interpol is currently executing an international arrest warrant on the said fugitive.

    “The phantom bribe claim is part of an orchestrated international campaign by this company that is facing criminal prosecution in many countries including the United States, to undermine the Nigerian government.

    The statement further stated: “Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria. In addition, Zhao agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government.

    “We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.

    “The government of Nigeria will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign.”

  • Reps to investigate escape of Binance chief from custody

    Reps to investigate escape of Binance chief from custody

    The House of Representatives on Wednesday, May 8, resolved to investigate the circumstances leading to the escape of one of the two Binance chiefs from the custody of the National Security Adviser (NSA).

    Nadeem Anjarwalla, one of the two Binance chiefs detained for offences bothering on money laundering escaped from the custody of the NSA on March 22, 2024.

    Read Also: Binance: EFCC presents two witnesses as money laundering trial stalls

    Adopting a motion by Dominic Okafor (LP, Anambra) the House asked its relevant committees to conduct an investigation on the detainee’s escape and fish out those culpable in the escape.

    The House wants those found guilty of aiding the escape of the detainee should be brought to justice.

    The Binance executive has been arrested by the Police in Kenya and is expected to be extracted to Nigeria by Interpol to face prosecution.

    Details shortly…

  • Binance: EFCC presents two witnesses as money laundering trial stalls

    Binance: EFCC presents two witnesses as money laundering trial stalls

    The Economic and Financial Crimes Commission (EFCC), on Thursday, presented two witnesses in the trial of Binance Holdings Ltd and its two executives before a Federal High Court, Abuja.

    EFCC’s lawyer, Ekele Iheanacho, informed Justice Emeka Nwite upon resumed trial in the money laundering trial.

    The News Agency of Nigeria (NAN) reports that the anti-graft agency had preferred a five-count charge against the crypto-currency firm, its top officials; Tigran Gambaryan and Nadeem Anjarwalla (now at large) as 1st to 3rd defendants respectively.

    They were alleged to have conspired amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria including $35,400, 000, among others.

    The commission accused them of committing the offence contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among others.

    However, Anjarwalla escaped from lawful custody on March 22 and fled Nigeria for Kenya, before arraignment.

    The defendants were later arraigns on April 8 but pleaded not guilty to the counts.

    Gambaryan was ordered to be remanded in Kuje Correctional Centre

    Gambaryan, through his lawyer, Mark Mordi, SAN, applied for a bail, on April 23, which was opposed by the EFCC, and the ruling fixed for May 17.

    Meanwhile, when the matter was called on Thursday, Iheanacho said the matter was scheduled for trial commencement.

    “The matter is for commencement of trial and we have two of our witnesses in court today my lord,” Iheanacho told the court.

    But Tonye Krukrubo, SAN, counsel for Binance Ltd, objected to Iheanacho’s submission.

    Krukrubo told the court that his client had not be served with the court documents in the matter.

    “If we are here for trial, can my learner friend confirm if the 1st defendant has been served with any process,” he said.

    The EFCC lawyer responded that all the defendants, including the 1st defendant (Binance), had been duly served and that additional proof of evidence was served on the 1st defendant through the 2nd defendant (Gambaryan) in accordance with the law.

    But Krukrubo insisted that he had not been served.

    He said a suspect facing criminal proceedings should be afforded the opportunity to defence himself, hence, there should be a proof of service of the documents on his client.

    Iheanacho, on his part, restated that the company was served through Gambaryan, who is its agent in Nigeria.

    He said the proof of service could be confirmed in the court record.

    However, the proof of service could not be found in the court record when the judge directed the registrar to look through the file.

    Justice Nwite then summoned the bailiff to give his own account on the service of the documents.

    Read Also: Court rules on Binance official’s bail application May 17

    The bailiff explained that on April 30, he was at Kuje Correction Facility to effect the service of the documents on Binance through Gambaryan but he was not allowed to see him.

    He said all efforts made were unsuccessful.

    The bailiff told the court that the documents were still in his care.

    Justice Nwite then ordered Iheanacho to serve Krukrubo with the extra copy of the documents in his possession in the open court.

    Krukrubo applied for an adjournment to enable him study the documents ahead of the trial commencement.

    The judge, who adjourned the matter until May 17 for trial commencement, advised EFCC to be diligent in the trial.

    “It behoves on you, as prosecution, to do all within your power in the trial because I am not going to entertain any delay in this trial again,” Justice Nwite said.

    (NAN)

  • Process to extradite fleeing Binance Chief Anjarwalla ongoing, says INTERPOL

    Process to extradite fleeing Binance Chief Anjarwalla ongoing, says INTERPOL

    The International Criminal Police Organisation (INTERPOL) has said that the fleeing Binance Regional Manager for Africa, Nadeem Anjarwalla will be smoked out and extradited to Nigeria to face tax evasion charges leveled against him and his colleague, Tigran Gambaryan, who is still in the custody of security agents in Abuja. 

    Garba Umar, Vice President of INTERPOL (Africa) Executive Committee, made this known on Channels Television’s Sunrise Daily programme on Tuesday, April 30.

    Read Also: Fleeing Binance chief Anjarwalla to be deported from Kenya

    The Nation had reported that Anjarwalla escaped from a Nigerian detention facility on Friday, March 22, and was arrested by Kenya Police Service while he was hiding in the East African country on Monday, April 22.

    Umar said the paperwork for Anjarwalla to be returned to Nigeria has commenced.

    He said: “If a fugitive escapes, there are processes in which that country will follow, INTERPOL will only give information, assist them and inform them about the bilateral agreements and conventions that were signed to extradite a fleeing fugitive and the process is ongoing and Nadeem is not an exception.

    “Be rest assured, we have all the cooperation and we are working on it and definitely, one day, he will be brought to justice, it’s just a matter of time. We have done all the paperwork.”