Nadeem Anjarwalla, one of the top executives of Binance detained in Nigeria over allegations of manipulation in foreign exchange trading relating to the Naira and other offences, has reportedly escaped from custody.
The federal government had earlier detained the two executives after they flew to Nigeria in response to the country’s recent crackdown on various cryptocurrency trading platforms and seized their passports.
In June 2023, the Securities and Exchange Commission (SEC) declared that the operation of Binance Nigeria Limited, a subsidiary of Binance, was illegal.
The court also granted the Economic and Financial Crimes Commission (EFCC) an order to remand them for 14 days initially, which was later extended by another 14 days due to Binance’s refusal to comply with court orders, thereby adjourning the case until April 4, 2024.
According to a report by Premium Times, Anjarwalla, aged 38, escaped from the Abuja guest house where he and his colleague were being held on Friday, as guards on duty escorted him to a nearby mosque for prayers during the ongoing Ramadan fast.
Anjarwalla, who is British, is believed to have left Abuja using a Middle East airliner.
The authorities, still investigating how he managed to escape without his passport, are also trying to ascertain his intended destination.
The report said an Immigration official claimed that Anjarwalla fled Nigeria using a Kenyan passport, raising questions about how he obtained the document as he had no other travel document aside from the British passport.
Sources said the executives were held at a comfortable guest house with several privileges, including access to telephones, making it easy for Anjarwalla to orchestrate his escape.
Some other charges against Binance Holdings Limited, Anjarwalla, and Gambaryan include accusations of failing to register with the Federal Inland Revenue Service and failing to pay relevant taxes, particularly value-added taxes, as required by law.
The Nigerian government said Binance offered taxable services to subscribers on their trading platform while failing to issue invoices to those subscribers to determine and pay their value-added taxes, adding that the offense is punishable under S.29 of the Value Added Tax Act of 1993 (as amended).
Chioma Kalu
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