Tigran Gambaryan of Binance in Court Over Tax Evasion Charges

Oluwasegun SanusiApril 4, 20241 Mins read396

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.

Tigran Gambaryan, an official of Binance Holdings Limited, was arraigned at the Federal High Court Abuja today on allegations of tax evasion.

Gambaryan was embroiled in a legal battle alongside Nadeem Anjarwalla, who is reportedly on the run and implicated in the case.

The suit, FHC/ABJ/CR/115/2024, outlines accusations against Binance, alleging its failure to register with the Federal Inland Revenue Service (FIRS) to fulfil tax obligations.

Specifically, Binance stands accused of neglecting to pay relevant taxes administered by the service despite operating in Nigeria and offering taxable services to subscribers through its trading platform.

Furthermore, the FIRS contends that Binance failed to issue invoices to subscribers, which is crucial for determining and paying value-added taxes (VAT).

This allegation shows potential negligence in adhering to tax regulations, raising significant concerns about the company’s compliance with fiscal laws in Nigeria.

Amidst heightened security, Gambaryan was escorted into the courtroom by heavily armed Economic and Financial Crimes Commission (EFCC) operatives.

As the second defendant in the case, Gambaryan faces the weight of accusations against him and his company. Proceedings are currently ongoing as of the time of this report.

It was earlier reported that Binance had emphasised that Gambaryan is not part of the company’s management team but serves solely as a law enforcement officer.

The exchange highlighted that Gambaryan lacks decision-making authority within Binance despite his past affiliation with the U.S. government.