EFCC Charges Binance, Its Officials With Money Laundering Of $35.4 Million
THE $35.4 million money laundering charge was brought against cryptocurrency company Binance and two of its senior executives, Tigran Gambaryan and the wanted Nadeem Anjarwalla, by the Economy and Financial Crimes Commission, or EFCC.
Also Gambaryan has been held by the anti-graft agency, which has assumed complete control of the case from the Office of the National Security Adviser (ONSA). A court warrant has been acquired to capture and extradite Anjarwalla, the escapee.
The Financial Crimes Enforcement Commission (EFCC) has brought money laundering charges against Binance and two of its executives, Anjarwalla and Gambaryan, after taking over the investigation into the company's purported financial irregularities.
According to the court records, the allegations were brought before the Abuja division of the Federal High Court of Nigeria on Thursday, March 28, 2024.
The International Criminal Police Organization, also known as INTERPOL, the Federal Bureau of Investigation of the United States, the government of the United Kingdom of Great Britain and Northern Ireland, and the government of Kenya are working together with the EFCC to arrest and extradite Anjarwalla, a fugitive who escaped from lawful custody in Nigeria.
The Financial Crimes Enforcement Commission (EFCC) has brought money laundering charges against Binance and two of its executives, Anjarwalla and Gambaryan, after taking over the investigation into the company's purported financial irregularities.
According to the court records, the allegations were brought before the Abuja division of the Federal High Court of Nigeria on Thursday, March 28, 2024.
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.”
Recall that the Federal Government contacted INTERPOL on Monday, March 25, and filed an arrest warrant for the arrest of Nadeem Anjarwalla, an executive held at the global cryptocurrency startup Binance, after he fled from lawful custody on Friday, March 22.
Anjarwalla, a suspect in the investigation of Binance's operations in Nigeria, escaped using a Kenyan passport, according to the Office of the National Security Adviser, while his colleague remained in detention.
Security authorities were taken aback by the escape, as they disclosed that the CEO was being held captive in a safe house under military escort and that the on-duty security officers had been arrested.
Based on confirmation from his Nigerian company that Anjarwalla was no longer in the country and that the company would work with security services, the British-Kenyan escapee Binance official left Abuja via a Middle East plane.
Security agencies said that the executive's escape had taken them by surprise and that the fugitive had been held captive in a safe house under military escort.
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