Business and Economy
Binance Executive Escapes Custody Amidst Nigerian Tax Evasion Allegations
By Iyojo Ameh
Binance executive, Nadeem Anjarwalla, accused of tax evasion in Nigeria, has reportedly managed to escape from custody.
Anjarwalla, 38, allegedly fled from a guest house in Abuja, where he was detained alongside a colleague.
The escape occurred under the guise of attending Ramadan prayers at a nearby mosque, with guards granting him temporary leave.
Anjarwalla, a dual British-Kenyan citizen, is said to have left Abuja on a Middle Eastern airline, raising questions about his departure despite Nigerian authorities holding his British passport.
Efforts are now underway to ascertain Anjarwalla’s whereabouts and facilitate his return to custody.
This incident has sparked speculation about potential oversights and privileges afforded to the detainees, including access to phones, which may have aided in the execution of the escape plan.
While the National Security Adviser’s office has acknowledged the incident, further details are yet to be provided.
Recall that,Anjarwalla, serving as Binance’s Africa regional manager, along with colleague Tigran Gambaryan, was initially detained upon their arrival in Nigeria on February 26, 2024. Subsequent legal actions were taken against them and the cryptocurrency exchange, following Binance’s alleged non-compliance with a court order demanding data on Nigerian traders.
The charges against Binance and its executives include failure to register for taxes, issue invoices for VAT, and aiding subscribers in evading taxes. This incident occurs amidst a broader crackdown by the Nigerian government on financial crimes, including money laundering and terrorism financing, with Binance allegedly being implicated in such activities.
According to government claims, over $21.6 billion was traded by anonymous Nigerian users on Binance, contributing to economic destabilization and the depreciation of the Naira. This latest development adds to Binance’s legal troubles, following a guilty plea to money laundering charges in the US and a significant settlement with the Department of Justice.
Furthermore, the trial of Binance CEO Changpeng Zhao in the US has been postponed, casting further uncertainty over the operations of the cryptocurrency giant on a global scale.
