Charges have been brought against Binance Holdings Limited and its senior executives Tigran Gambaryan and Nadeem Anjarwalla, who is currently evading authorities, for alleged money laundering amounting to $35,400,000 by the Economic and Financial Crimes Commission (EFCC).
The EFCC has assumed full control of the case from the Office of the National Security Adviser, having already apprehended Gambaryan. Additionally, a court warrant has been issued for the arrest and extradition of Anjarwalla, who absconded from custody in Nigeria.
NewsNow has learned that the anti-corruption agency is collaborating with Interpol, the FBI, the UK government, and the Kenyan government to facilitate the arrest and extradition of Anjarwalla, the fugitive connected to the Binance investigation in Nigeria.
In light of the ongoing probe into alleged financial misconduct involving Binance, the EFCC has filed five charges related to money laundering against the cryptocurrency company and its two executives, Anjarwalla and Gambaryan.
Official court documents acquired exclusively by our reporter show that the charges were lodged on Thursday, March 28, 2024, at the Federal High Court of Nigeria in Abuja.
The charges state, “That Binance Holdings Limited (aka Binance), Tigran Gambaryan, and Nadeem Anjarwalla (currently at large), engaged in unauthorized financial activities between January, 2023, and January, 2024 in Abuja, contravening sections 57(1) and (2) of the 2020 Banks and Other Financial Institutions Act, punishable under section 57(5) of the same Act.
“Count two: That Binance Holdings Limited (aka Binance), Tigran Gambaryan, and Nadeem Anjarwalla (currently at large), conducted financial operations without proper licensing between January, 2022, and January, 2024 in Abuja, violating section 58(5) of the 2020 Banks and Other Financial Institutions Act.
“Count three: That Binance Holdings Limited (aka Binance) unlawfully negotiated foreign exchange rates in Nigeria between January, 2022, and January, 2024 in Abuja, breaching section 29(1)(c) of the Foreign Exchange (Monitoring And Miscellaneous Provisions) Act.
“Count four: That Binance Holdings Limited (aka Binance), Tigran Gambaryan, Nadeem Anjarwalla (currently at large), and other accomplices conspired to conceal the origins of unlawfully obtained funds between January, 2023, and January, 2024 in Abuja, infringing section 21(a) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
“Count five: That Binance Holdings Limited (aka Binance), Tigran Gambaryan, and Nadeem Anjarwalla concealed $35,400,000 of revenue generated in Nigeria from unlawful activities between January, 2023, and December, 2023 in Abuja, violating section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The escape of Nadeem Anjarwalla, a Binance executive with British and Kenyan citizenship, while under investigation shocked authorities. Anjarwalla allegedly fled Nigeria using a Kenyan passport, leaving his colleague behind in custody.
Security agencies were surprised by the escape of the Binance official, who had been held in a guarded ‘safe house’ by soldiers. The personnel responsible for his custody have since been detained.
Confirmation of Anjarwalla’s escape was made by the Office of the National Security Adviser, stating that initial investigations indicated the suspect left Nigeria with a smuggled international passport.
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Efforts are ongoing to locate and apprehend the fugitive, with collaboration from international law enforcement agencies.
The statement issued by the ONSA emphasized the focus on combatting money laundering and terrorism financing activities conducted through the Binance platform, stressing the ongoing legal proceedings against Anjarwalla, who held a managerial role in Binance’s Africa operations.
Anjarwalla breached a 14-day remand order by a Nigerian court by fleeing before his scheduled appearance, creating a need for international efforts to bring him back for trial.
The spokesperson for ONSA urged the public to provide any relevant information regarding Anjarwalla’s whereabouts to aid in the apprehension process.
If anyone has information that could assist in the suspect’s arrest, Nigerian public and international communities are urged by Mijinyawa to come forward with it.
The Financial Times reported on February 28, 2024, that two company executives were detained upon entering Nigeria due to a ban on their website.
On March 12, 2024, FT disclosed that the EFCC requested Binance to share data about its top 100 Nigerian users and six months of transaction history.
Negotiations between Binance and Nigeria revolve around this data-sharing request.
Reports indicate that the missing Binance executive left Nigeria using a smuggled Kenyan passport.
Anjarwalla’s escape from custody sparked controversy nationwide when the news broke on Monday morning.
The Binance executive, a dual citizen of the UK and Kenya, had his British passport confiscated by Nigerian authorities.
However, in an exclusive interview on Monday night, the Office of the NSA spokesperson, Mijinyawa, disclosed that Anjarwalla escaped using his Kenyan passport.
Sources revealed that Anjarwalla and his colleague, Tigran Gambaryan, were held at a guarded “safe house.”
They were detained under the orders of the National Security Adviser, Nuhu Ribadu.
Security sources pointed out that some military personnel guarding the safe house were also taken into custody.
An escape from the safe house was unexpected, as Anjarwalla was detained under the direction of the NSA by armed soldiers, not EFCC or DSS.
The National Security Adviser’s office is leading the coordination of efforts, with various security agencies conducting independent investigations.
In the ongoing developments, the Nigeria Immigration Service and the Nigeria Police Force have not issued statements.
Anjarwalla fled from a guest house in Abuja on March 22, 2024, while guards escorted him for prayers during Ramadan.
Efforts are underway to determine Anjarwalla’s intended destination and bring him back into custody.
Authorities are investigating how Anjarwalla obtained a Kenyan passport to escape, given that his British passport was confiscated.
The two officials were provided rights, such as phone usage, at the guest house where they were held.
Anjarwalla and Gambaryan were detained upon their arrival in Nigeria on February 26, 2024, and faced criminal charges in court.
Binance executives were ordered to provide Nigerian user data, with their remand extended to prevent tampering with evidence.
More charges were filed against Binance Holdings Limited, Anjarwalla, and Gambaryan for tax-related offenses.
The Nigerian government claimed that Binance facilitated illicit activities, leading to economic distortions and weakening the naira.
The crackdown on suspected criminal activities using the Binance platform followed an agreement to settle money laundering charges in the US.
Binance founder and CEO, Changpeng Zhao, pleaded guilty and announced his resignation, with a deferred trial date set in the US court.