…As FIRS files amended charge against Binance, Gambary over alleged tax evasion :
A Federal High Court, Abuja, on Friday dismissed a bail application filed by the detained Binance executive, Tigran Gambaryan.
Justice Emeka Nwite, in a ruling, held that based on the affidavit evidence before him, Gambaryan would jump bail if the application was granted.
“I have carefully considered the affidavit evidence before me and I am of the view that the applicant will jump bail if granted bail,” Justice Nwite declared.
However, the judge ordered an accelerated hearing in the trial.
Justice Nwite had, on April 23, fixed today for the ruling after counsel for the EFCC, Ekele Iheanacho, and Gambaryan’s lawyer, Mark Mordi, SAN, adopted their processes and argued their case against and for the bail plea.
Justice Nwite had ordered the remand of Gambaryan in Kuje Correctional Centre after he pleaded not guilty to the money laundering charges preferred against him by the EFCC.
The EFCC had accused Binance Holdings Limited, Gambaryan and Nadeem Anjarwalla, another agent of the company, of allegedly conspiring amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria including $35, 400, 000.
They were alleged to have committed an offence contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, among others.
However, Anjarwalla escaped from lawful custody on March 22 and fled Nigeria for Kenya.
Mordi, on Gambaryan’s behalf, had filed an application seeking an order from the court, to release his client on bail pending the hearing and determination of the substantive case.
Mordi, in the last adjourned date, had argued that the EFCC had failed to produce any credible evidence to oppose his application.
According to him, the complainant’s allegation that Gambaryan was arranging to escape from custody like his colleague was false.
“No exhibit or document is displaying EFCC’s credible intelligence.
But EFCC’s lawyer disagreed with Mordi.
Iheanacho argued that the court would have taken a grave risk by granting the Binance agent bail because he had no attachment to any community in Nigeria or competent person to stand as his surety.
He contended that Gambaryan attempted to apply for a new United States passport while in detention knowing fully well his International passport was seized by the Nigerian state.
The lawyer said he was a flight risk and that if granted bail, he would jump bail like his colleague.
He disagreed with Mordi that the commission had not provided credible evidence that Gambaryan was planning to escape.
He said going by the deposition in their counter affidavit, the deponent was one of the investigative teams that investigated the case.
He urged the court to dismiss the bail application.
In the alternative, he advised the court to return the applicant to EFCC custody if the judge decided to grant him bail.
In another development, the Federal Inland Revenue Service (FIRS) has filed an amended four-count charge against Binance Holdings Limited and its executive, Tigran Gambaryan, on alleged tax evasion.
FIRS lawyer, Moses Ideho, made this known on Friday before Justice Emeka Nwite of a Federal High Court, Abuja.
Ideho informed the court that following the escape of Nadeem Anjarwalla from lawful custody, the agency deemed it necessary to amend the charge to properly reflect Anjarwalla’s position in the instant charge, as being at large.
“We apply to substitute our charge dated 22nd of March, 2024 with an amended charge dated 17th of May, 2024.
“We apply that the charge be read to the 1st and 2nd defendants (Binance and Gambaryan) to take their plea,” he prayed
But counsel for Binance, Chukwuka Ikwuazo, SAN, who also appeared for Gambaryan, opposed to Ideho’s application that the fresh charge be read to his clients.
Ikwuazo argued that the charge was just being filed this morning and he was yet to see it to consult with his clients to prepare for their defence.
Justice Nwite subsequently adjourned the matter until May 22 for arraignment.
Earlier, the judge, in a ruling, ordered that the FIRS serve the company (1st defendant) through Gambaryan (2nd defendant) the charge in the matter.
Justice Nwite held that Gambaryan, being the Binance Chief Financial Compliant Officer, ought to be served with the charge as the company’s representative in Nigeria in accordance with the law.
He discounted the argument of Ikwuazo that Gambaryan was neither a director, secretary or chief agent of the crypto-currency firm.
It was reported that the court had fixed their arraignment for April 4.
However, the arraignment could not proceed due to the inability of FIRS to effect service of the charge on the defendants.
The defendants are being charged on four counts bordering on alleged tax evasion in the charge marked: FHC/ABJ/CR/115/2024.
In the charge dated and filed March 22 by the FIRS, the defendants were alleged to have committed the offence on or about Feb. 1.
Count one alleged that while involved in carrying and offering services to subscribers on their platform, known as Binance, failed to register with the FIRS, to pay all relevant taxes administered by the service.
The offences are said to be punishable under Sections 8 and 29 of the VAT Act of 1993 (as Amended), Section 40 of the FIRS Establishment Act, 2007 (as amended) and under provisions of Section 94 of the Companies Income Tax Act