- In April, the Economic and Financial Crimes Commission (EFCC) brought charges against Binance, a cryptocurrency firm, and Gambaryan for alleged money laundering.
- On May 17, the court denied Gambaryan’s initial request for bail. The Binance executive subsequently collapsed in court due to “ill-health.”
A federal high court in Abuja has denied bail to Tigran Gambaryan, an executive associated with Binance Holdings Limited.
In a decision made on Friday, presiding judge Emeka Nwite concluded that the application was a misuse of the court process, as the defendant had appealed a prior ruling regarding the same matter.
Nwite stated that being in poor health while in custody doesn’t automatically qualify a defendant for bail.
He emphasized that the defendant failed to provide proof that the Correctional Service facility was unable to address his medical requirements or refer him to a specialist for additional care.
“This application is bound to fail,” Nwite declared.
The judge instructed prison officials to ensure Gambaryan is taken to a specialist hospital in Abuja with security oversight.
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