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Cryptocurrency world saw an interesting development yesterday. The development is related to a Binance executive’s court case in Nigeria. The Nigerian Federal Inland Revenue Service (FIRS) found itself in a controversial case against Binance executive Tigran Gambaryan, which caught the attention of both the financial and cryptocurrency communities. The controversy took a surprising turn when the Nigerian Correctional Service did not bring Gambaryan to the Federal High Court in Abuja on tax evasion charges.
Gambaryan Did Not Attend Court
Gambaryan did not attend the hearing scheduled for May 22 at the Federal High Court in Abuja. Local media reported that Gambaryan did not appear in court on this critical date. FIRS‘s allegations brought the Binance executive back into the spotlight and raised questions about the effectiveness and reliability of the Nigerian prison system.
Prosecutor Moses Idehu expressed his disappointment over Gambaryan not being brought from custody. Idehu stated that efforts to communicate with officials at the correctional center were unsuccessful and that the mystery surrounding Gambaryan’s absence had deepened. He then requested a brief adjournment of the case. However, Judge Emeka Nwite decided to adjourn the hearing to June 14. This decision further increased the uncertainty surrounding the high-profile case.
Legal Efforts Yield Small Result
SAN T.J. Krukrubo, representing Binance, objected to the prosecution’s failure to bring his client to court. Gambaryan’s absence not only delayed the legal process but also raised concerns about the integrity of judicial proceedings. Meanwhile, Gambaryan’s lawyer Chukwuka Ikwuazo requested FIRS to remove co-defendant Nadeem Anjarwalla’s name from the amended charges. Anjarwalla, declared a “fugitive,” added another dimension to the case.
The prosecution agreed to take the necessary steps to remove Anjarwalla’s name from the charge sheet as requested by the lawyer. This development was seen as a minor victory for the defense. Gambaryan had not admitted to money laundering charges after being transferred to Kuje Correctional Center in Abuja in April 2024. Additionally, Gambaryan’s bail application was denied. Gambaryan remains in custody over allegations of concealing the source of $35,400,000 produced by Binance in Nigeria.
Process Continues
In March 2024, FIRS initiated tax evasion charges against Binance and its executives Gambaryan and Anjarwalla. The allegations included failure to register with FIRS, non-payment of corporate income tax, non-payment of value-added tax, and facilitating tax evasion. The Nigerian Government also accused the cryptocurrency exchange of affecting exchange rates, leading to increased scrutiny of cryptocurrency platforms.
The events took another turn when Nigerian authorities detained 37-year-old British citizen of Kenyan origin, Africa regional director Anjarwalla, and 39-year-old American head of financial crime compliance Gambaryan on February 28. We now await the June 14 date for the case. The cryptocurrency world and legal circles will closely follow what happens on this date.
