A federal high court in Abuja has refused to grant bail to Tigran Gambaryan, an executive of Binance Holdings Limited, a cryptocurrency firm and ordered accelerated hearing of the suit
Justice Emeka Nwite, the trial court judge ruled that Gambaryan is likely to “jump bail if bail is granted to him”.
The company and its executive were arraigned on February on a five-count charge bordering on money laundering before Emeka Nwite, of federal high court in Abuja.
The defendants pleaded not guilty to the charge and brought the application for bail.
Moving an application, Mark Mordi, the defence counsel argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.
However, Ekele Iheanacho opposed the bail application, stating that the defendant was a flight risk.
“The defendant attempted to obtain a new passport, which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody,” the lawyer said.
“We cannot risk granting him bail, especially since he is not attached to any community in Nigeria.
“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth.
“We are urging the honourable court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.”
In his ruling on Friday, 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 applicant.
Nwite said with the depositions made by the prosecution, “I am of the view that the applicant will jump bail if bail is granted to him”.
Instead, the judge ordered that the trial will be given an accelerated hearing.
After the ruling, the EFCC called its first witness, a staff of the Securities and Exchange Commission.