At last, the Economic and Financial Crimes Commission (EFCC) on Monday succeeded in arranging Binance and one of its Executives, Tigran Gambaryan, on five count charges bordering on money laundering
Tigran Gambaryan who took a plea on behalf of the Company as its representative however denied committing the alleged offences at the Federal High Court in Abuja where the arraignment took place.
Before the arraignment, Justice Emeka Nwite had in a brief ruling dismissed the objection by Gambaryan to taking a plea on behalf of Binance on the ground that he was not its representative and had no written authority to do so.
Justice Nwite in dismissing the objection held that Gambaryan had in an affidavit claimed to be representative of the Company and transacted businesses on its behalf in Nigeria.
The anti-graft agency through its counsel, Ekele Iheanacho said the offences which were committed between January 2023 and December 2023 in Abuja were contrary to and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Count one alleged that the defendants between January 2023 and January 2024 in Abuja carried out specialized business of other financial institutions without valid license.
The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial Institutions Act, 2020 and punishable under Section 57(5) of the same Act.
Although the foreign national pleaded to be remanded at the custody of the Economic and Financial Crimes Commission EFCC, the plea was turned down by Justice Nwite.
The Judge subsequently ordered that the defendant be taken to Kuje Prison on remand.
Justice Nwite fixed April 18 for hearing of the defendant’s application for bail and May 2 for trial of the charges.
In the charge filed on March 28 by the anti-graft agency, the defendants were being accused of money laundering to the tune of $35,400,000.
EFCC alleged in one of the counts that, the defendants, between January 2023 and January 2024 in Abuja, carried out a specialized business of other financial institution without a valid licence.
The offence is said to be contrary to Section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under Section 57(5) of the same Act.
