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Court Adjourns Binance Money Laundering Trial, Defendant’s Bail Plea Disputed

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The Federal High Court in Abuja has adjourned the trial concerning money laundering allegations against Binance Holdings Limited and two of its executives, Tigran Gambaryan and Nadeem until May 17th.
Tigran Gambaryan, of Binance in Court.

The Federal High Court in Abuja has adjourned the trial concerning money laundering allegations against Binance Holdings Limited and two of its executives, Tigran Gambaryan and Nadeem, until May 17th.

The adjournment was decided upon during the court proceedings today, following a request for more time due to the defendant’s counsel not receiving additional proof of evidence.

Tony Krukrubo, representing the defendants, informed the court about the absence of additional proof of evidence.

However, it was revealed that efforts to serve Gambaryan, one of the defendants currently held in Kuje prison, were met with refusal. Gambaryan insisted that the documents be served to the legal representation of Binance Holdings Limited, indicating a change in their legal strategy.

During the proceedings, Mark Mordi, the legal representative for Gambaryan, argued for his client’s bail, emphasising the emotional strain caused by his prolonged detention without family visits.

Mordi refuted the prosecution’s claim of Gambaryan being a flight risk, challenging them to present incriminating evidence against his client.

Contrarily, the prosecution, led by Emeka Iheanacho, urged the court to reject Gambaryan’s bail plea and transfer him from Kuje prison to the custody of the Economic and Financial Crimes Commission (EFCC) to prevent any potential escape.

Iheanacho cited Gambaryan’s alleged attempts to obtain a new passport from the United States Embassy and his dual citizenship as evidence of his flight risk.

Recall the case revolves around accusations of money laundering totalling $35 million, with the defendants purportedly involved in concealing the origin of financial proceeds from unlawful activities in Nigeria.

Anjarwalla, another executive named in the suit, remains at large.

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