In a significant development, the Nigerian government has successfully traced the whereabouts of Nadeem Anjarwalla, Binance’s regional head for Africa, who fled the country on March 22 amidst charges of tax evasion and money laundering leveled against him, the crypto exchange, and another executive, Tigran Gambaryan.
TLDR
- Nigerian authorities have located fleeing Binance executive Nadeem Anjarwalla in Kenya.
- Anjarwalla fled Nigeria on March 22 while facing charges of tax evasion and money laundering alongside Binance and another executive, Tigran Gambaryan.
- The Nigerian government is collaborating with Interpol and Kenyan authorities to secure Anjarwalla’s extradition back to Nigeria.
- Gambaryan remains in Nigerian custody, with his case adjourned until April 19.
- The charges against Binance and its executives stem from allegations of manipulating Nigeria’s fiat currency and facilitating the flow of illicit funds through the exchange.
According to sources within the Nigerian presidency, Anjarwalla has been located in Kenya, and authorities are now working closely with Interpol and Kenyan law enforcement to secure his extradition back to Nigeria.
The collaborative effort, codenamed ‘Op Gen. Cash Integrity,’ involves the Economic and Financial Crimes Commission (EFCC), Interpol, and the Nigerian and Kenyan Police Forces.
Anjarwalla, along with Binance and Gambaryan, faces a five-count charge ranging from tax evasion to fiscal speculation, with the primary allegations centered around the misappropriation of $35.4 million in public funds.
The Naira-Binance conversion feature is also under investigation, as Binance is accused of undermining the stability of Nigeria’s foreign exchange market.
Reports suggest that Anjarwalla managed to flee Nigeria using a Kenyan passport, while his United Kingdom passport remained in the custody of Nigerian authorities. Immigration officials are now investigating how he obtained the Kenyan passport without other travel documents.
Meanwhile, Tigran Gambaryan, Binance’s head of financial crime compliance, remains in Nigerian custody after being detained in late February 2024. Gambaryan has pleaded not guilty to the charges, and his wife has launched a petition calling for his release and return to the United States.
Binance has also appealed for Gambaryan’s acquittal, asserting that he held “no decision-making power in the company.” His case has been adjourned until April 19 at the request of the Federal Inland Revenue Service (FIRS).
The case highlights the growing scrutiny on cryptocurrency exchanges and the challenges they face in navigating various regulatory environments. The Nigerian government’s crackdown on suspected money launderers and terrorism financiers has led to allegations that some individuals were using the Binance platform for criminal activities, including money laundering, terrorist financing, currency speculation, and market manipulation.
The developments in Nigeria follow Binance’s recent guilty plea in the United States, where the exchange agreed to pay $4.3 billion to settle criminal money laundering charges. Binance’s founder and CEO, Changpeng Zhao, also pleaded guilty and agreed to resign, with his criminal trial postponed to April 30, 2024, by a U.S. court.
