$34.4 Million Money Laundering: Delay in Binance Executive’s Bail Hearing Due to Defense Request

The postponement emerged from a new affidavit submitted by the defense, aiming to counter the Economic and Financial Crimes Commission's (EFCC) objection to the original plea for bail, which could not proceed. This occurred as Ekele Iheanacho, representing the EFCC, requested a pause to adequately prepare a counter-response.

During the session presided over by Justice Emeka Nwite of the Federal High Court in Abuja, the schedule for discussing the bail request for an executive of Binance Holdings Limited, Tigran Gambaryan, was interrupted on Thursday.

This delay was triggered by a supplemental filing by Mark Mordi (SAN), advocate for the co-accused, which was announced by EFCC’s Head of Media and Publicity, Dele Oyewale, on the eve of the hearing.

Due to a plea by Ekele Iheanacho, the EFCC's lawyer, for a postponement to adequately reply to the defense's new affidavit confronting the EFCC's dismissal of the original bail plea, the hearing couldn't advance.

Claiming the necessity of fair trial conditions, Iheanacho expressed, “My Lord, this is a criminal case, and it's crucial we get this right. It wouldn’t be just to proceed without ensuring a fair trial. Despite the inconvenience, we seek a brief delay until Monday or Tuesday to present our comprehensive rebuttal and to convene once more,” he advocated.

Mordi didn't challenge the adjournment request from the prosecution but highlighted that the prosecution had suggested the defendant could potentially flee due to possessing dual nationality.

Addressing the court, Mordi revealed, “My Lord, unbeknownst to us, the prosecution had intelligence about the defendant's potential to abscond, leveraging his dual citizenship. He was aware yet remained silent; our aim here is merely to address whatever he presents to the court.

“He’s free to share this now, allowing us to proceed. Given my client's liberty is in jeopardy, we could allocate him a couple of hours to submit his case,” he proposed.

After hearing both parties, Justice Nwite postponed the bail hearing to April 22, 2024.

Tigran Gambaryan is under the EFCC's prosecution for presumed involvement in laundering $34,400,000, alongside Binance Holdings Ltd and Nadeem Anjarwalla who is yet to be apprehended, facing five charges related to tax evasion, currency speculation, and money laundering activities.