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Tinubu government charges Binance executives with money laundering and tax evasion

Tinubu government charges Binance executives with money laundering and tax evasion



Tinubu government charges Binance executives with money laundering and tax evasion





The federal government will arraign two Binance executives, Tigran Gambariyan and Nadeem Anjarwala, in a federal court in Abuja.



Naija News reported that Gambariyan and Anjarwala, who fled the country two weeks ago, will be arraigned on two separate charges before Justice Emeka Nwaito on Thursday.



The first indictment by the Economic and Financial Crimes Commission (EFCC) focused on money laundering and consisted of five counts, while the other indictment by the Federal Inland Revenue Service (FIRS) consisted of four counts for various tax offences. It is configured.



In a complaint filed on March 28, the EFCC accused Binance executives of laundering approximately $35.4 million.



In the first count, the defendants are accused of carrying out professional business for other financial institutions in Abuja between January 2023 and January 2024 without a valid license. The EFCC said the law is an offense contrary to Section 57(1) and (2) of the Banks and Other Financial Institutions Act, 2020 (BOFIA) and is punishable under Section 57(5) of the Act. Stated.



The FIRS indicted the defendant on March 22 under FHC/ABJ/CR/115/2024, alleging that he committed the crime on or about February 1 this year.



The first count accuses the defendants of failing to register with FIRS to pay all related taxes when providing and providing services to subscribers on their platform (Binance).



FIRS states that the Act is punishable under sections 8 and 29 of the Value Added Tax (VAT) Act 1993 (as amended), section 40 of the FIRS Establishment Act 2007 (as amended) and section 94 of the Act. He said it was a crime. Value Added Tax (VAT) is punishable by the Company Income Tax Act (as amended).



On March 18, Justice Nwite ordered Binance to provide the EFCC with comprehensive data or information on all individuals trading on its platform in Nigeria. The judge granted the interim order in a judgment on an ex-parte application filed by the EFCC's lawyer, Mr. Ekere Iheanacho.




The judge said the interim order is aimed at enabling Binance to investigate the EFCC's claims that money laundering and terrorist financing activities are allowed on its platform.

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