Binance Executive Nadeem Arjarwalla Traced to Kenya After Escape from Nigerian Custody

The Nigerian government has found Binance CEO Nadeem Arjarwala in Kenya, accused of manipulating the Nigerian Naira. Nigeria is cooperating with Interpol and Kenyan extradition authorities.

Nadeem Arjarwalla, a senior Binance official, escaped from custody in Nigeria and Nigerian authorities were able to track him down in Kenya. Arjarwalla is accused of being involved in operations that caused major turmoil in the Nigerian naira exchange rate market.

Arjarwalla’s cover was exposed after he arrived in Kenya and the Nigerian government moved quickly to arrange his extradition so he could face the charges against him. To speed up the extradition procedure, the Nigerian Police Force, the Kenya Police Service, the International Criminal Police Organization (Interpol) and the Economic and Financial Crimes Commission (EFCC) are cooperating.

The cooperation of the Nigerian government with foreign law enforcement agencies as well as the governments of the United States, United Kingdom and Kenya is indicative of their determination to repatriate Arjarwalla to Nigeria. Ola Olukoyede, the EFCC chairman, said the agency was working closely with these organizations to ensure the smooth extradition of Arjarwalla.

Concerns about the security protocols in place were highlighted by Arjarwalla’s escape from prison in Nigeria. Troops tasked with monitoring Arjarwala have been detained by the Nigerian government, which is also conducting extensive investigations into the situation. The ongoing investigations are being conducted by special investigators from various security and intelligence agencies, including the National Intelligence Agency, the Ministry of Civil Service, the police, the EFCC and the military.

Arjarwalla and Binance Holdings Limited face charges of tax evasion, currency speculation and money laundering, with about $35.4 million at stake. The Office of the National Security Adviser has transferred the management of affairs to the Nigerian government and Tigran Gambarian, Arjarwalla’s partner, has been detained by the EFCC.

Arjarwalla, Binance and Gambaryan will be charged in absentia, according to sources with direct knowledge of the case. In addition, Binance Holdings Limited, Arjarwalla and Gambaryan have been charged by the Nigerian government for failing to register with the Federal Inland Revenue Service and pay applicable taxes.

The Nigerian government’s campaign against individuals accused of financing terrorism and money laundering includes the extradition procedure as a key measure. The government’s commitment to fighting financial crimes and protecting the integrity of Nigeria’s financial system is demonstrated by its cooperation with foreign law enforcement agencies and its willingness to bring Arjarwala back to his homeland.

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