The Economic and Financial Crimes Commission (EFCC) on Thursday, continued with the alleged money laundering trial of the executive director of crypto trading platform, Binance, Tigran Gambaryan, at the Federal High Court, Abuja
The Commission is continuing with the case even though the Federal Inland Revenue Service (FIRS) has dropped charges against Gambaryan in the alleged tax evasion case filed against him and Binance.
The EFCC filed a five-count indictment against Binance and Gambaryan while the FIRS filed a four-count indictment against the two.
The anti-corruption agency accused Binance and Gambaryan of money laundering involving $35.4 million.
In addition, the company is suspected of carrying out terrorism financing.
Judge Emeka Nwite on Friday acquitted detained Gambaryan and his absconding accomplice Nadeem Anjarwalla of tax evasion charges.
The judge made the decision in a brief ruling following a new amendment to the charges filed by the FIRS over a notification from Binance regarding the appointment of a Nigerian representative, Mr Ayodele Omotilewa, to oversee its affairs in the country.
However, before today’s trial, there were high expectations that anti-corruption agencies would follow in his footsteps.
However at the resumed hearing, the EFCC’s lawyer, informed the court that the matter was scheduled for the defense to cross-examine the agency’s first prosecution witness, Abdulkadir Abbas, a Director of the Securities and Exchange Commission (SEC).
Then Gambaryan stepped forward onto the dock.
The Indian, who was cross-examined by the defendant’s (Binance) counsel, Mr. Babatunde Fagbohunlu (SAN), Abbas testifies against Binance and Gambaryan.
The witness, who is the Director of the Registration, Exchange and Market Infrastructure Department of the SEC, said that private companies wishing to raise capital from the public in Nigeria must become Public Limited Companies (PLC) before they can carry out an IPO (Initial Public). Offer).
But he said that Binance didn’t even register with his office in the first place.
Judge Nwite adjourned the matter until Friday to continue cross-examination.
The post EFCC to resume trial of Binance director, Gambaryan appeared first on Latest Nigerian News | Top News from Ripples Nigeria.
