JUST IN: Court Remands Binance Executive, Tigran Gambaryan In Kuje Prison

A Federal High Court in Abuja has remanded Binance Executive Tigran Gambaryan in Kuje Correctional Centre, pending the determination of his bail application on April 18.

Gambaryan was arraigned before Justice Emeka Nwite, on Monday where he pleaded not guilty to the charge of money laundering against him by the Economic and Financial Crimes Commission, (EFCC).

The judge subsequently adjourned the matter till April 18 for the ruling on his bail application and May 2 for the commencement of the hearing on the substantive charge against him.

The Federal Inland Revenue Service (FIRS) had arraigned Binance Holdings Limited and its two executives, Tigran Gambaryan and Nadeem Anjarwalla, over a four-count charge bordering on alleged tax evasion contrary to Nigerian laws.

In a suit FHC/ABJ/CR/115/2024, the FIRS revealed the charges levied against Binance include non-payment of Value-Added Tax (VAT), Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

“One of the counts in the lawsuit pertains to Binance’s alleged failure to collect and remit various categories of taxes to the federation as stipulated by Section 40 of the FIRS Establishment Act 2007 as amended.

“Section 40 of the Act explicitly addresses the non-deduction and non-remittance of taxes, prescribing penalties and potential imprisonment for defaulting entities,” the FIRS said.