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Anjarwalla, Binance’s Africa regional manager, alongside the financial crime compliance officer Tigran Gambaryan, was arrested and detained on February 26, 2024.
In what seems like a story out of the movies, Nadeem Anjarwalla, one of the key executives at Binance Nigeria, has managed to escape police custody. According to a Monday report by local media PREMIUM TIMES, the 38-year-old made a run for it on Friday, 22 March.
Detailing the escape, sources claim that Anjarwalla, who was being held in a guest house in the country’s capital city of Abuja, was granted a prayer request on the said day, albeit in the spirit of the ongoing Ramadan fast. However, the request turned out to be a part of his grand plan to escape custody.
While it remains unclear how he managed to execute the plan, reports claim that the duo enjoyed phone privileges while in detention. So, it is highly likely that that may have helped Anjarwalla to facilitate his escape.
As of publication, there is no official word on his intended destination. However, it is believed that he got out of Abuja on a Middle East airliner and may have used a Kenyan passport since his British passport remains in custody.
Nonetheless, Nigerian authorities have assured that efforts are in top gear to get Anjarwalla back into custody.
Government Seeks to Uncover Binance Nigeria’s Role in Increasing Terrorism and Economy Sabotage
Anjarwalla, Binance’s Africa regional manager, alongside the financial crimes’ compliance officer Tigran Gambaryan, was arrested and detained on February 26, 2024. They face charges bordering on tax evasion among other criminal offences as noted by the authorities.
Regarding the lack of accountability on taxes, the Nigerian government accuses Mr Anjarwalla, and Mr Gambaryan, that their platform (Binance) offers services to residents despite not registering with the Federal Inland Revenue Service (FIRS). This act permits Binance to effectively evade relevant taxes and is punishable under Section 8 of the Value Added Tax Act of 1993 (as Amended).
More importantly, the prosecution also hammers on how Binance Nigeria may have been enabling money laundering and terrorism financing through its platform.
According to the government, Binance has, so far, facilitated no less than $21.6 billion in concealed trades. This, the government believes, continues to undermine the Nigerian economy, weakening the Naira against global currencies.
Warning to Others
By and large, the decision of the government to pursue legal action against Binance Nigeria and its executives signals a war cry. It reflects the government’s resolve to not only enforce tax regulations but also tackle financial crimes to the ground.
More so, it also signals Nigeria’s intent on holding global corporations to the highest standards of accountability and transparency.
As Nigeria continues its march toward economic stability, the outcome of its legal battle with Binance outcome will have far-reaching effects. Not only for the cryptocurrency industry but for the entire regulatory landscape of Nigeria.
