Nadeem Anjarwalla, a high-ranking executive of Binance, who was detained in Nigeria over allegations related to foreign exchange trading manipulation and other offenses, has reportedly managed to escape from custody.
Anjarwalla, along with another executive, was detained by Nigerian authorities after they arrived in the country in response to a crackdown on various cryptocurrency trading platforms, including Binance Nigeria Limited, a subsidiary of Binance, by the Securities and Exchange Commission (SEC).
Initially, a court granted the Economic and Financial Crimes Commission (EFCC) an order to remand them for 14 days, which was later extended for another 14 days due to Binance’s non-compliance with court orders. The case was adjourned until April 4, 2024.
According to reports, Anjarwalla, aged 38 and a British citizen, escaped from the Abuja guest house where they were held while being escorted to a nearby mosque for prayers during Ramadan fasting.
It is reported that Anjarwalla left Abuja using a Middle East airline and used a Kenyan passport for his escape, raising questions about how he obtained the document, as he had no other travel document aside from his British passport.
Authorities are investigating the circumstances of his escape and his intended destination. Sources revealed that the executives were held in a comfortable guest house with various privileges, including access to telephones, which might have facilitated Anjarwalla’s escape.
The charges against Binance Holdings Limited, Anjarwalla, and Gambaryan include allegations of failure to register with the Federal Inland Revenue Service and failure to pay relevant taxes, particularly value-added taxes. The Nigerian government accused Binance of offering taxable services to subscribers on their trading platform without issuing invoices for value-added taxes, which is punishable under the Value Added Tax Act of 1993.
Anjarwalla’s escape adds another layer of complexity to the ongoing legal proceedings and regulatory scrutiny faced by Binance and other cryptocurrency trading platforms in Nigeria.
