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The EFCC Has Taken over the Binance Probe and Plans to Deliver the Fleeing Executive

The Economic and Financial Crimes Commission (EFCC) has taken charge of the investigation into Binance Holdings Limited and two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla. Anjarwalla is currently evading authorities. 

They are accused of money laundering amounting to $35.4 million.

The EFCC, now leading the case previously handled by the Office of the National Security Adviser, has detained Gambaryan and obtained a court warrant for Anjarwalla's arrest and extradition.

Collaborating with Interpol, the FBI, the UK government, and the Kenyan government, the EFCC aims to apprehend Anjarwalla, who escaped lawful custody in Nigeria.

The EFCC has filed charges including money laundering against Binance, Gambaryan, and Anjarwalla. These charges, dated March 28, 2024, were filed at the Federal High Court in Abuja.

The charges involve conducting financial activities without proper licenses, engaging in unauthorized financial business, illegally negotiating foreign exchange rates in Nigeria, conspiring to conceal proceeds from unlawful activities, and concealing revenue generated unlawfully.

Anjarwalla's escape, using a smuggled passport, prompted immediate efforts by security agencies to recapture him. 

The Office of the National Security Adviser has confirmed his escape and stated that investigations are ongoing.

Anjarwalla's escape, involving a smuggled passport, has led to investigations by multiple security agencies, including the EFCC, DSS, police, and FIRS. 

These agencies are questioning Binance executives at the "safe house" where they were detained.

Efforts are underway to determine Anjarwalla's destination and bring him back into custody. 

The Nigerian government has been pursuing investigations into money laundering and terrorism financing on the Binance platform.

Binance officials were detained in Nigeria following a ban on their website. The court granted remand orders, and investigations into tax-related charges are ongoing.

The Nigerian government alleges that Binance was used for money laundering, terrorist financing, currency speculation, and market manipulation, impacting the Nigerian economy. 

Binance previously settled criminal money laundering charges in the US and its CEO, Changpeng Zhao, pleaded guilty. 

His trial has been postponed.

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