EXCERPT: A judge said several factors including the nature of offence and its severity was considered in denying Tigran Gambaryan bail.
A Federal High Court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited, a cryptocurrency firm.
The judge, Emeka Nwite, held that the reason for declining to grant Gambaryan bail is because he is likely to “jump bail” if granted.
The Economic and Financial Crimes Commission is prosecuting Gambaryan alongside Binance Holdings Ltd and Nadeem Anjarwalla, (currently at large) on a five-count charge bordering on alleged tax evasion, currency speculation and money laundering to tune of $34,400,000. The defendants deny any wrongdoing.
In his ruling, the judge said several factors including the nature of offence and its severity must be considered when trying to decide whether or not bail should be granted to the defendant.
After the ruling, the EFCC called its first witness, a staff of the Securities and Exchange Commission who said the operations of Binance in Nigeria is unlawful because it is unregistered and unregulated. The witness further said the activities of Binance in Nigeria negatively affected the value of the Naira in the foreign exchange market.
Godfrey Eshiemoghie
Follow us on:
The EFCC has arrested three suspects for alleged vote buying during the ongoing Edo governorship…
Evacuations of 30,000 people are underway in central Japan as heavy rains threaten severe flooding,…
An employee of California's state fire protection agency, known as Cal Fire, has been arrested…
In Mexico's western Sinaloa state, at least 53 people have been killed and 51 others…
The Nigeria Police Force (NPF) has announced the arrest of two suspected political thugs during…
President Bola Tinubu on Saturday rejoiced with his better half, Oluremi Tinubu, on the occasion…