A major crypto romance scam operation in Nigeria that targeted North Americans and Europeans has been raided by police, with nearly 800 suspects arrested.

Nigeria’s Economic and Financial Crimes Commission (EFCC) said that the seven-story Big Leaf Building in Lagos was stormed on December 10, where 792 suspected fraudsters were arrested.

Chinese nationals made up 148 of the arrests, the EFCC said, while 40 were Filipino. Computers, phones, and cars were also seized in the raid.

The suspects are believed to have run a major crypto scam in Nigeria that contacted victims through social media. After seduction, they were told of exciting crypto investment opportunities that falsely promised great returns.

Read more: Football legends Ronaldinho, Luis Figo sued for Omegapro crypto scam promo

“Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing,” said EFCC spokesperson Wilson Uwujaren, “targeting mostly Americans, Canadians, Mexicans and several others from European countries.”

“Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims.” Uwujaren added (via Reuters).

According to the Commission, the crypto scam operation in Nigeria mostly targeted Canadians, Americans, Mexicans, and Europeans.

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Cryptocurrency trading firm Official Gredo Limited has been convicted in a Nigerian court of illegally conducting tether (USDT)-Naira trades without a banking license, reports Nairametrics.

On Wednesday, the court heard accusations that Official Gredo failed to report a N76.5 million ($46,000) transfer to the Nigerian Financial Intelligence Unit, in violation of Nigeria’s Money Laundering Act.

The crypto firm’s director, Nnamdi Okereke, pleaded guilty to one count of money laundering.

Read more: FBI details how USDT is laundered through Binance

As part of a plea bargain with the Economic and Financial Crimes Commission (EFCC), Official Gredo and Okereke will cough up N140 million ($85,000) in restitution and pay a N1 million ($610) fine.

The crypto trading firm is just one of several recently indicted by the EFCC for illegal USDT-Naira trades, according to Politics Nigeria. Recently, Paparaxy Global Ventures and Lemskin Technologies were ordered to pay N160 million ($97,000) for similar crimes.

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Binance executive Tigran Gambaryan has been denied bail in Nigeria while facing money laundering charges, on the grounds that an appeal to his first bail denial is still pending.

A Federal High Court in Abuja rejected Gambaryan’s bail application on Friday. Justice Emeka Nwite maintained that Gambaryan’s health has not deteriorated further since that first bail denial, and that he is receiving appropriate healthcare while in detainment.

Since Gambaryan’s appeal remains open, his lawyer has no legal ground to request bail again. “On this leg alone, this bail application is bound to fail,” Nwite said (via Nairametrics).

This is the second day in a row that Gambaryan was in court requesting bail. Yesterday, his court hearing was postponed due to Nwite blowing him off for a seminar at the National Judicial Institute.

Read more: ‘This is f*cked up!’ Binance exec claims Nigerian court denied him wheelchair

Binance’s former head of financial compliance says he has faced significant health problems while held in Kuje prison, also home to members of Boko Haram. Gambaryan has had malaria, pneumonia, tonsillitis, and a herniated disc, CoinDesk reports. However, state prosecutors say that he has exaggerated his illness and refused medical treatment.

The 39-year-old was arrested in February alongside fellow Binance exec Nadeem Anjarwalla, the former regional manager of Africa. However, Anjarwalla managed to escape while the pair were being escorted to a mosque.

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Detained Binance executive Tigran Gambaryan will have to wait to find out if he’s been granted bail by a Nigerian court after the presiding judge chose to attend a legal seminar instead of his scheduled hearing.

As reported by local news outlets, Judge Emeka Nwite chose on Wednesday to attend a seminar at the National Judicial Institute instead of the Abuja Federal High Court.  

As a result, the Gambaryan’s bail ruling has been rescheduled to take place on Friday. Binance compliance officer Gambaryan has been in prison since February this year and his ruling was deferred by Judge Nwite last month. 

Read more: ‘This is f*cked up!’ Binance exec claims Nigerian court denied him wheelchair

Gambaryan was arrested in February and charged with money laundering alongside fellow Binance exec Nadeem Anjarwalla. However, Anjarwalla fled the country in March, escaping from the guest house in which the pair were staying after being led to a mosque to pray.

Lawyers representing Gambaryan argue his health has deteriorated since being detained due to the negligent treatment of prison officers. Indeed, he was filmed last month begging for a wheelchair and claiming to be in pain while walking to a court hearing.

Despite this, state prosecutors say he shouldn’t be granted bail, that he has exaggerated his illness, and has refused medical treatment. 

The US, however, has repeatedly signaled that Gambaryan should be released. A senior official at the Nigerian Ministry of Foreign Affairs claimed they are attempting to gain consular access to the exec in order to check on his health.

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The US wants access to the detained Binance executive Tigran Gambaryan, citing concern for his health as he remains imprisoned in Nigeria, according to a senior Nigerian official speaking to local media. 

Punch media reported yesterday that a senior official from the Nigerian Ministry of Foreign Affairs spoke to the outlet on the condition of anonymity. 

The unnamed official claimed that the US is concerned about Gambaryan’s health, “especially now that his family has gone public in the US with the matter,” (emphasis ours) and is seeking consular access. 

They said, “I would not say they are lobbying, they are just concerned that they are not being granted access to the man (being a US citizen). Remember that Binance had their issue in the US as well.”

Read more: Binance exec accused of tax evasion flees Nigeria during mosque visit

Consular access involves government officials, in this case representing the US, communicating with imprisoned nationals to check on their welfare, ensure legal representation, and medical care, or even provide reading material. It is a mutual obligation, “based in treaties between the U.S. government and foreign governments.”

Nigeria prosecution say Binance exec is exaggerating illness

Gambaryan was arrested in February 2024 and charged with money laundering. According to his lawyer, “his health has continued to deteriorate while in prison custody.” A bail request was filed last week, which the courts will reportedly decide on next month.

However, a member of the prosecution counsel is attempting to counter this bail application. They claimed that Gambaryan was exaggerating his illness. Nigerian officials have also accused Gambaryan of refusing medical treatment. 

Last week he was filmed screaming, “This is f*cked up. Why couldn’t I use a goddamn wheelchair?” at Nigerian prison staff. Afterward, the court ordered prison staff to provide Gambaryan with a wheelchair.  

Binance CEO Richard Teng said last Wednesday, “He must be allowed to go home for medical treatment and to be with his family,” and called his treatment in Nigeria “inhumane.”

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Footage has emerged of Binance exec Tigran Gambaryan, who has been detained in Nigeria for seven months, pleading with Nigerian prison staff after authorities reportedly denied his request for a wheelchair.

The Binance staffer, who was detained alongside fellow Binance executive Nadeem Anjarwalla when the pair traveled to Nigeria in February, was in court to answer money laundering charges. However, before proceedings could begin, he was seen screaming at prison staff and journalists, begging for help, and accusing the court of instructing warders not to help him.

In a video uploaded to X (formerly Twitter) he is seen shouting, “This is f*cked up. Why couldn’t I use a goddamn wheelchair? This is a show. I’m a f*cking innocent person. Why are you doing this to me?”

After being refused help from prison staff, he continued, “I can’t f*cking walk, this is f*cked up. I’m a f*cking human. “I’m not f*cking okay.”

Gambaryan has been denied bail on two occasions and alleges that, while in prison, he has been suffering from a number of ailments, including malaria, tonsillitis, pneumonia, and a herniated disc in his back. Nigerian officials, however, claim that he has refused treatment.

Read more: Nigeria teams with Interpol to return missing Binance exec

Why doesn’t Binance use private commandos?

The video of a clearly distressed Gambaryan has provoked widespread criticism on social media with many questioning why Binance, as his employer, will not or cannot do more to help.

Binance CEO Richard Teng posted on Wednesday, “This inhumane treatment of Tigran must end. He must be allowed to go home for medical treatment and to be with his family.”

However, this wasn’t enough for some users. “Bro. Too much talks/tweets without actions is nothing. You and Binance have failed him as his employer,” wrote one while another said, “Lmao! What are you people doing about it? Absolutely nothing. I’m almost convinced you people have sacrifices [sic] him.”

Others urged the US government to get involved and one even suggested Binance use ‘private commandos‘ to rescue him.

Users have also laid the blame for Gambaryan’s situation firmly at the door of the Nigerian justice system, pointing out that such treatment appears harsh, particularly given that he is, at least for now, innocent until proven guilty.

Read more: Binance exec accused of tax evasion flees Nigeria during mosque visit

The US government is yet to issue an official statement regarding Gambaryan, his detainment, or treatment by Nigerian authorities.

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Extradition proceedings targeting a runaway Binance exec who fled Nigeria have reportedly begun with Interpol and Nigeria’s government working together to ensure his return. 

According to Nigerian publisher PUNCH, top government sources revealed on Tuesday that Binance exec Nadeem Anjarwalla’s extradition process has started.

Anjarwalla and fellow Binance exec Tigran Gambaryan were detained in February and were accused of various tax offenses on March 22. However, he fled the country that same day, slipping away while visiting a mosque. 

Two unnamed sources have confirmed that the extradition process is underway, with one source telling PUNCH, “The Federal Government is working with INTERPOL to extradite the fugitive to Nigeria.”

Read more: Former CEO of Binance ordered to hand over passports to US

Another source claimed that Nigeria’s financial law enforcement agency, the Economic and Financial Crimes Commission, is working alongside Interpol, the FBI, and the Kenyan and UK governments “to effect the arrest and extradition of Mr Anjarwalla.”

It’s unclear if Anjarwalla has been arrested or detained as part of today’s announcement and there is currently no Interpol arrest warrant issued under Anjarwalla’s name. Protos has reached out to Nigeria’s government and PUNCH for clarity on the matter. 

Interpol clarified to Protos that it is “not involved in the extradition process,” and that the agency doesn’t “comment on specific cases or individuals except in special circumstances or with the approval of the member country concerned.” 

Binance trial to happen with or without fugitive exec

The EFCC will reportedly arraign Gambaryan, Anjarwalla, and Binance Holdings Ltd on five money laundering charges this Thursday. The three are accused of laundering $35 million.

However, Anjarwalla’s legal proceedings at Nigeria’s High Court will reportedly go ahead regardless of his fugitive status, potentially charging him in his absence. 

Both Gambaryan and Anjarwalla sued the EFCC on March 28, accusing the anti-graft agency of violating their “fundamental right to personal liberty.” 

In this suit, the two requested that they be released, their passports returned, a public apology issued, and that they not be detained again. The judge avoided ruling on the matter due to a lack of legal representation from the EFCC and moved the hearing to April 8.  

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A Binance executive detained in Nigeria and accused of tax evasion offenses has fled the country, according to local media.

Nadeem Anjarwalla was detained with fellow Binance exec Tigran Gambaryan late last month shortly after Nigeria banned several crypto exchanges from operating in the country. It was announced today that the pair, along with Binance itself, were officially accused of four tax offenses by Nigeria’s Federal Inland Revenue Service.

The charges filed in the Abuja Federal High Court last Friday claim the defendants failed to submit tax returns, were complicit in helping users evade taxes while using the Binance platform, and failed to pay value-added tax (VAT) and company income tax. 

“Binance did not adhere to these requirements, thus violating Nigerian laws and potentially facing investigation and legal action for this infraction,” a statement from the state tax agency said.

Read more: ‘Misquoted’ Nigerian official denies wanting $10B from Binance

According to local media reports, Anjarwalla fled the country last Friday using a Nigerian passport. He apparently escaped the guest house in which the pair were staying after being led to a mosque to pray. 

Authorities are reportedly trying to determine the destination of his flight and where he supposedly acquired the Nigerian passport after his British passport was previously confiscated.

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Binance says it’s working with Nigerian authorities to bring home two of its execs who were detained against their will in the country two weeks ago.

Inflation is running hot in Africa’s most populous country and when it banned several crypto exchanges in February as inflation hit a worrying 30%, Tigran Gambaryan and Nadeem Anjarwalla thought it would be a good idea to fly into Nigeria and deal with the situation.

However, as reported by The Financial Times, upon landing, government officials seized their passports and escorted them into detention.

Binance quickly responded by halting naira-denominated trading pairs for bitcoin and USDT. Still, two weeks later, the government has not released the two men.

The central bank governor subsequently appeared on TV to blame crypto exchanges, including Binance by name, for facilitating flows of criminal funds.

Wired reached out to the two men’s families for comment and was told that the government has not yet filed any criminal charges against them. Wired also reached out to a Binance spokesperson who claimed that the company is “working collaboratively with Nigerian authorities” and promised that “there will be a swift resolution to this matter.”

Read more: Nigeria debuts CBDC early, part of its plan to usurp Bitcoin and Binance

While in detention, a US State Department official has spoken with Gambaryan, an American citizen and former Internal Revenue Service special agent. Anjarwalla has reportedly been hospitalized and subsequently recovered while in government detention, according to his wife.

Nigeria’s central bank governor recently said he was concerned about illicit funds flowing through crypto exchanges. “In the last year alone, $26 billion has passed through Binance Nigeria,” the central bank governor highlighted.

There are also rumors that Nigerian officials have demanded $10 billion from Binance as a fine for its infractions.

So far, Nigeria’s office of President Bola Ahmed Tinubu has not commented on his government’s detention of the two Binance employees.

Nigeria adding to Binance’s many legal troubles

Binance is facing a variety of other legal troubles. In the US, the company will pay $4.3 billion this year to settle Department of Justice, Financial Crimes Enforcement Network, and Office of Foreign Assets Control enforcement actions.

The SEC is also suing Binance and its founder, Changpeng Zhao, for untold sums. Zhao also pled guilty to US federal crimes and is awaiting sentencing.

Last week, the Second Circuit ruled that a major class action lawsuit may proceed against Binance from harmed investors who purchased SEC-designated unregistered securities like EOS and TRX.

Read more: Explained: Crypto assets deemed as securities by the SEC

Moreover, soccer player Cristiano Ronaldo will also go to trial early next year for promoting unregistered securities trading on Binance.com.

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Nigeria’s government has denied reports that it’s set to hit crypto exchange Binance with a $10 billion fine, claiming that a statement from one of its senior advisors was misquoted.

The Premium Times had claimed that Bayo Onanuga, Nigeria’s special advisor on information and strategy, had announced the fine in an interview with the BBC. However, Onanuga later told the Peoples Gazette that his words were misrepresented.

He told the Gazette, “I never said Binance had been informed about the fines or that it would definitely be $10 billion,” adding, “I only said the amount may be imposed, which is because nothing has been finalized yet.”

Binance told the Gazette, “We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion.”

Onanuga is also reported to have said in the interview that the exchange profited substantially from ‘illegal transactions,’ resulting in huge losses for Nigeria. 

Last week Nigeria banned several crypto exchanges, such as Binance, Coinbase, and Kraken, to prevent the Nigerian naira from dropping in price. Then this week, two senior Binance executives were reportedly detained after flying to the country.

The Premium Times also reported today that the Nigerian government confirmed authorities are investigating Binance.

Read more: FTX bankruptcy firm Sullivan & Cromwell tipped for Binance monitor role

The crypto crackdown reportedly reflects a U-turn in the government’s approach, which had previously viewed crypto as a force for good that would help attract investment and bolster its struggling economy.

Binance was sued last month by the National Agency for Prospective Projects of Uzbekistan after the crypto exchange failed to pay a 102 million som ($8,200) fine for operating without a license.

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