Tigran Gambaryan, an executive of Binance Holdings Ltd. has pleaded not guilty to the money laundering charges leveled against him by the Economic and Financial Crimes Commission.
Gambaryan was arraigned on Monday by the EFCC before Justice Emeka Nwite of the Federal High Court in Abuja.
The EFCC had accused Binance, Gambaryan, and fleeing Nadeem Anjarwalla of concealing the source of the $35,400, 000 generated as revenue by Binance in Nigeria knowing that the funds constituted proceeds of unlawful activity.
The arraignment stalled on April 4 following an objection from Gambaryan’s counsel, Mark Mordi, (SAN).
Mordi had insisted that his client could not be arraigned following the failure of the EFCC to perfect service on Binance Holdings Limited.
However, the counsel for the EFCC, E.E. Iheanacho, noted that the second defendant was a representative of Binance in the country, adding that the charge was severed on him on behalf of the company, but it was rejected.
Justice Nwite added that all the prosecution needed was to establish that the person being served was an agent of Binance.
The judge said, “Does the second defendant qualify as an agent of Binance?
“From the above statement, the second defendant is the duly appointed representative of Binance. The second defendant is bound to receive a summons on behalf of Binance.
“The service of the second defendant on behalf of the first defendant is proper. The court should proceed with the arraignment of the defendants.”
The charges were then read to Gambaryan, but he pleaded not guilty for himself and Binance.
Following his plea, Justice Emeka Nwite gave the order remanding Tigran Gambaryan in Kuje Correctional Centre, pending the determination of his bail application.
The judge subsequently adjourned the matter till April 18 for the ruling on his bail application and May 2 for commencement of trial.
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