Binance Executive Reportedly Escapes Custody in Nigeria

Cryptocurrency platform Binance finds itself embroiled in a saga as reports emerge that one of its executives, Nadeem Anjarwalla, purportedly escaped from custody following his arrest by Nigerian authorities last month in connection with a tax evasion investigation.

Anjarwalla, who holds both British and Kenyan passports, was apprehended alongside a colleague, Tigran Gambaryan, as part of the probe against Binance. However, Binance has confirmed to the BBC that Anjarwalla is no longer in Nigerian custody, prompting speculation about his alleged escape from the country.

A Binance spokesperson emphasised the company’s focus on employee safety and collaboration with Nigerian authorities to resolve the situation swiftly.

The development comes amid formal tax evasion charges filed against Binance by Nigerian authorities, who have intensified scrutiny of cryptocurrency platforms over allegations of money laundering and terrorism financing.

Anjarwalla, Binance’s Africa Regional Manager, and Gambaryan, responsible for financial crime compliance, were arrested upon their arrival in Nigeria on February 26. Despite a court granting the Economic and Financial Crimes Commission’s (EFCC) request to detain them initially for 14 days, their detention was extended.

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Scheduled to appear in court on April 4, reports emerged of Anjarwalla’s purported escape, with local media suggesting he vanished after requesting permission to attend a mosque from the guest house where they were held.

Authorities are investigating the circumstances surrounding his escape and his travel using a Kenyan passport, despite his British passport being confiscated. Questions loom over the alleged privileges granted to the detained executives, including access to telephones.

Efforts to confirm the incident from the Office of the National Security Adviser remain ongoing, highlighting the complexity and intrigue surrounding Anjarwalla’s reported flight from custody.

As the situation unfolds, it underscores the broader challenges facing cryptocurrency platforms and the regulatory landscape in Nigeria, prompting scrutiny and calls for enhanced oversight to combat financial crimes effectively.