The bail application filed by Tigran Gambaryan, the detained Binance executive, was dismissed by an Abuja Federal High Court on Friday.

Justice Emeka Nwite ruled that based on the evidence presented in the affidavit, granting bail to Gambaryan would result in him jumping bail.

The judge carefully considered the evidence and concluded that the applicant cannot be trusted to remain in custody if granted bail.

Despite the dismissal of the bail application, the judge ordered an accelerated hearing in the trial.

This indicates that the case will proceed swiftly, ensuring a timely resolution. The decision to expedite the trial reflects the court’s commitment to justice and efficiency in handling the matter.

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The ruling came after the counsel for the EFCC, Ekele Iheanacho, and Gambaryan’s lawyer, Mark Mordi, SAN, presented their arguments and adopted their processes in support of or against the bail plea.

The court had previously fixed the date for the ruling after these proceedings took place on April 23. The thorough examination of the arguments and evidence by the judge demonstrates a fair and diligent approach to the case.

It is important to note that Gambaryan had been remanded in Kuje Correctional Centre after pleading not guilty to the money laundering charges brought against him by the EFCC.

The charges also implicated Binance Holdings Limited and Nadeem Anjarwalla, another agent of the company.

The EFCC alleged that they conspired to conceal the origin of the financial proceeds from their alleged unlawful activities in Nigeria, amounting to $35,400,000.

These charges carry severe penalties under the Money Laundering (Prevention and Prohibition) Act, 2022.

Anjarwalla, however, managed to escape from lawful custody on March 22 and fled to Kenya. This adds another layer of complexity to the case, as one of the accused individuals is currently at large.

The court’s decision to deny bail to Gambaryan may have been influenced by the risk of him following in Anjarwalla’s footsteps and attempting to evade justice.

In defense of Gambaryan’s bail application, Mark Mordi argued that the EFCC had failed to provide any credible evidence to oppose the application.

He claimed that the allegation that Gambaryan was planning to escape custody, like his colleague Anjarwalla, was false. Mordi emphasized the lack of exhibits or documents displaying the EFCC’s credible intelligence to support their claims. However,

Iheanacho presented a strong argument against granting bail to the Binance agent, emphasizing the risk involved due to his lack of ties to the community in Nigeria or a suitable surety to vouch for him.

He pointed out Gambaryan’s attempt to obtain a new US passport while in detention, despite his Nigerian passport being confiscated, indicating a potential flight risk.

The lawyer expressed concerns that if bail was granted, the accused might abscond, similar to his colleague, and disagreed with Mordi’s assertion that there was insufficient evidence of escape plans.

Referring to the details provided in their counter affidavit, he highlighted the involvement of an investigative team member in the case, further strengthening their argument against bail.

Ultimately, Iheanacho urged the court to reject the bail application or, as an alternative, return the applicant to EFCC custody if bail was to be granted, emphasizing the seriousness of the situation.