By Abiola Olawale
Fresh indications emerging on Friday revealed that the Economic and Financial Crimes Commission (EFCC), has officially taken over the probe of popular cryptocurrency platform, Binance Holdings.
The anti-graft agency has now filed a money laundering lawsuit against Binance Holdings Limited and two of its senior executives, Tigran Gambaryan, and Nadeem Anjarwalla – who is on the run.
It was gathered that the EFCC has now fully taken over the case from the Office of the National Security Adviser and has moved Gambaryan to its detention facility.
The anti-graft agency has also obtained a court warrant to arrest and extradite the escapee Anjarwalla. To ensure the smooth extradition of Anjarwalla, EFCC has contacted the International Criminal Police Organisation (INTERPOL), the United States Federal Bureau of Investigation (FBI), the government of the United Kingdom of Great Britain and Northern Ireland, and the Kenyan government.
Following the takeover of the investigation into the alleged financial irregularities committed by Binance, the EFCC has filed five-count charges bordering on money laundering against the cryptocurrency giant and two of its executives, Anjarwalla and Gambaryan.
The court documents revealed that the charges were filed on Thursday, March 28, 2024, before the Federal High Court of Nigeria, Abuja division.
The charges read, “That you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialised business of other financial institution without valid licence and thereby committed an offence contrary to section 57(1) and (2) of the Banks and Other Financial, Institutions Act, 2020 and punishable under section 57(5) of the same Act.
“Count two, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable Court engaged in business of other financial institution (other than insurance, stock broking and pension fund management) without valid licence and thereby committed an offence contrary to and punishable under section 58(5) of the Banks and Other Financial Institutions Act, 2020.
“Count three, that you, Binance Holdings Limited (“aka Binance”) between January 2022 and January 2024 in Abuja within the jurisdiction of this Honourable Court not being an authorised dealer in Nigeria’s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1) (c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.
“Count four, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla (now at large), and other persons at large between January 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court conspired amongst yourselves to conceal the origin of the proceeds of your unlawful activities and thereby committed an offence contrary to section 21 (a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Count five, that you, Binance Holdings Limited (“aka Binance”) Tigran Gambaryan, and Nadeem Anjarwalla between January 2023 and December 2023 in Abuja within the jurisdiction of this Honourable Court concealed the origin of a cumulative sum of $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to and punishable under section 18(3) of the Money Laundering (Prevention and prohibition) Act, 2022.”
The New Diplomat reports that two executives of Binance were arrested and detained on February 28, 2024, after they flew into the country as a result of a ban on their website.
The Nigerian government had alleged Binance of manipulating foreign exchange trading, and tax evasion, among others.
While in detention, Anjarwalla escaped from custody where he was kept on Friday, March 22, 2024.
Anjarwalla, 38, reportedly ran away from the Abuja guest house where he and his colleague were detained after guards on duty led him to a nearby mosque for prayers in the spirit of the ongoing Ramadan fast.
The Office of the National Security Adviser had also confirmed the escape of Anjarwalla in a statement issued in Abuja on Monday by the Head of its Strategic Communication, Zakari Mijinyawa, who stated that preliminary investigation showed that the escapee fled Nigeria using a smuggled international passport.
