TL;DR,

• A Binance executive facing money laundering and Naira manipulation charges escaped to Kenya, sparking EFCC, Interpol, and Kenyan police collaboration for extradition.
• The executive was detained in February alongside Tigran Gambaryan following accusations of Naira manipulation and illicit transactions.
• This case represents Nigeria’s aggressive stance on crypto regulation after CBN governor cited “suspicious flows” on Binance.

Nadeem Arjarwalla, a Binance executive and a suspect at the center of money laundering charges, has been traced to Kenya by the EFCC in collaboration with Interpol and the Kenyan Police. This article details the events leading up to Arjarwalla’s escape, the charges against him, and the ongoing efforts to bring him to justice.

Binance Executive Tracked to Kenya, Extradition Underway

The Nigerian government has been working diligently to locate and deport Arjarwalla, a Binance executive. This is after he fled custody and escaped to Kenya. Local media outlet Punch reported that sources within the Nigerian presidency disclosed that Arjarwalla fled into hiding upon arriving in Kenya.

The Economic and Financial Crimes Commission (EFCC) spearheaded the aggressive investigation, reaching out to Interpol and the Kenyan police to bring Arjarwalla back to Nigeria. As per the investigation, he faces five counts of charges, including money laundering charges.

Arjarwalla arrived in Nigeria in February following accusations that Binance was a big player in the scandalous Naria manipulation fiasco. He was detained alongside another Binance executive after a meeting with the Nigerian government.

However, the crafty executive skipped town on March 22 using a Kenyan Passport while his U.K. passport remained with Nigerian authorities. This brings about one immediate mystery: how a suspect without proper documents managed to gain a Kenyan passport, bypass airline check-in and API/PNT data rails.

Codenamed “ ‘Op Gen. Cash Integrity,” Arjarwalla soon caught the attention of three jurisdictions each gunning for his arrest.

Illicit finance allegations and the evidence gap

On February 27, the governor of the Central Bank of Nigeria argued that crypto exchanges in Nigeria, particularly Binance, were suspected of handling illicit transactions. This included pointing to “suspicious flows” of funds on the platform.

RELATED: Binance Nigerian Operations Hit Major Roadblock With Executive Detention

Over $35.4 million in public funds were involved, making the case a big issue, especially for its effects on the local fiat value.

The Naira has drastically degraded over time while its crypto community continues to thrive. Today, most Nigerians opt for USDT or Bitcoin for payments, only relying on the Naira to access day-to-day supplies. From a policy standpoint, two questions dominate: Was Binance, and its preference among Nigerians, a conduit or a catalyst? And did the lack of internal risk controls, such as circuit breakers, abnormal‑activity flags, and market‑integrity filters, worsen the situation?

Nadeem Anjarwalla, Fugitive on the run.[Photo: DL-news]

Arjarwalla’s escape has added another layer of complexity to the case. Already, the case involves several allegations like tax investigations, suspected illicit flows, and policy disputes over crypto’s role in Nigeria’s FX market.

Meanwhile, Tigran Gambaryan, the other detained executive, pleaded not guilty. Gambaryan’s wife launched a petition for his release, garnering 3,373 signatures at publication. As per the defense team in the Tigran Gambaryan case, various discrepancies are vividly seen within the evidence produced. They are expected to challenge venue, evidentiary sufficiency, and whether executive‑level responsibilities can be fairly tied to alleged platform‑wide misconduct.

Prosecutors have framed the case around AML/CFT concerns, tax issues, and suspected market abuse. The EFCC cryptocurrency investigation relies on on-chain analytics, exchange logs, beneficial‑ownership data, and Know‑Your‑Customer/Customer‑Due‑Diligence records.

RELATED: $2.1B Red Flag: West Africa Logs Suspicious Crypto Transactions Calling For Proper Oversight

Nigeria has finally taken a stance finally recognizing the effects of its unregulated crypto economy. The EFCC Binance charges are effectively a test to see how far national authorities can go to assert jurisdiction over global exchanges when local currency stability is at stake. Likewise, cryptocurrency has an unsavory link to money laundering charges and illicit activities. Its decentralized nature is practically a legal net for fraudsters, tax vandals and even worse, terrorists

Binance’s legal troubles extend beyond Nigeria. The exchange recently pleaded guilty to criminal money laundering charges in the United States, agreeing to pay $4.3 billion in settlements. Binance’s founder and CEO, Changpeng Zhao, pleaded guilty and decided to resign.

What’s Next for the Fugitive Binance Executive?

Nadeem’s escape to Kenya paints a worse picture of his underlying charges. Binance, whose long history of facilitating crypto transactions is threatened and could have rippling effects. Lucky Uwakwe, chairman of the Nigerian Blockchain Industry Coordinating Committee, commented:

By imposing fines on Binance, the government is essentially undermining the entire industry, sacrificing potential growth for short-term measures.

Currently, investors are pulling back on partnerships, traders and withdrawing their digital assets, creating a steady downtrend for Binance. For Nadeem, his fate is sealed, his escape only marks him as a guilty man; however, the country can acquit the company if “certain conditions are met.”

Meanwhile, the Tigran Gambaryan case continues on a separate track, and outcomes in both matters will inform the next chapter of crypto regulation in Nigeria and beyond.