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20% off site-wide. Heads
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up, this episode has a few
0:22
curse words in it. This is Planet
0:25
Money from NPR. that I've
0:27
not been able to stop thinking about
0:29
since I first saw it. It's a short
0:31
video, just 39 seconds long, of a bearded
0:33
man with a tight hair cut, a white
0:36
t-shirt, and a gold chain. And he is
0:38
filming himself, selfie style, but he
0:40
seems to be holding the phone at
0:42
this weird angle, as if he's trying to
0:44
hide it from someone. Hello, my name
0:46
is Segren Gambarian. I'm a head
0:48
of financial prime compliance for finance.
0:50
I've been detained by the Nigerian
0:53
government. for a month. I don't
0:55
know what's going to happen to
0:57
me after today. If this is
0:59
ringing a bell, it first made
1:01
the rounds last spring. I've done
1:03
nothing wrong. I asked the United
1:05
States government to this. I need
1:07
your help, guys. I don't know
1:09
if I'll be able to get
1:11
out of this without your help.
1:13
Please help. Then, the video just
1:16
ends. It's haunting. I first heard
1:18
about this guy and this video
1:21
from legendary reporter, Dean and
1:23
Temple Rasten. Hey, Deena. Hey
1:25
there. You've been following this
1:27
story, the story of Tigran
1:29
Gambarian, since day one. Yeah, I
1:31
knew Tigran. He's a former IRS investigator.
1:33
He's American. And I had interviewed
1:35
him for a bunch of stories.
1:37
So I found out pretty quickly
1:40
that he'd been detained at Nigeria.
1:42
And I thought they'd hold him
1:44
for a couple of weeks. I
1:46
had no idea that it was
1:48
going to become such a saga. Yeah,
1:50
and that's saga is our episode today.
1:52
Hello and welcome to Play to Money.
1:54
I'm Nick Fountain. And I'm Dina Temple
1:56
Rastin, the host of Click Here, a
1:58
cyber and intelligence podcast. Tigran's story
2:01
is about more than one
2:03
man in a notorious Nigerian
2:05
prison. It's about how people
2:07
and places without stable economies
2:09
have found refuge in cryptocurrency,
2:12
how crypto can undermine state
2:14
power, and how that state power
2:16
fights back. So today, that story
2:18
from Tigran himself. We landed the
2:20
first recorded interview with him since
2:23
his release, and now we know
2:25
all the details of his eight
2:27
months in captivity. and how we
2:30
got out. Oh my gosh, you look
2:32
great. I'm so worried doing
2:34
it. Hey, how you doing? Good
2:36
to see you, too. This message
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comes from Charles Schwab. When
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is the right time to
2:43
sell a stock? What is
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the best way to
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steer your portfolio through
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an unsteady market? Financial
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Financial Decoder is an
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original podcast from Charles
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Schwab. Host Mark Riepi,
3:00
head of the Schwab
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Center for Financial Research,
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offers practical solutions to
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help overcome cognitive and
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emotional biases that may
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affect our investing decisions.
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Listen at schwab.com/Financial Decoder or
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today. Go to amika.com and get
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a quote today. Let me tell you
3:38
a little bit about Tigran Gambarian.
3:41
He's this Armenian American guy. Super
3:43
smart, really easy going. The type
3:45
of person who has a squat
3:47
rack and a gaming chair at
3:49
home. And a few weeks ago, I
3:51
went to visit him at his
3:53
house, about an hour outside of
3:56
Atlanta. Should we take off shoes?
3:58
Sure. Are you guys hungry? Some backstory?
4:01
Tigran made his name working for
4:03
the IRS. He was a
4:05
special agent there, a financial
4:07
investigator, and he focused on
4:09
investigating cryptocurrency in cyber cases.
4:11
And Tigran is a legend
4:13
in this world. Before him,
4:15
just about everyone in law
4:17
enforcement thought crypto transactions were anonymous,
4:19
totally untraceable. In fact, that's
4:21
exactly why criminals in particular
4:23
seemed to love it. They saw it
4:25
as a way to commit a crime and
4:27
leave no fingerprints. But Tigran suspected that
4:29
these transactions were not as anonymous
4:32
as people thought. So night after
4:34
night, with his infant daughter on
4:36
his lap, he stared at long
4:38
strings of letters and numbers, trying
4:40
to figure out a way to
4:42
follow transactions from one place to
4:44
another. And through just a termination, he
4:47
was able to do it. He was
4:49
able to trace transactions. This completely
4:51
revolutionized high-tech crime fighting. He
4:53
was involved in just about
4:56
every crypto-related bust or investigation
4:58
in the 2010s. Alpha Bay,
5:01
Mount Gocks, those were him. Silk
5:03
Road? Yeah, him too. When I was reporting
5:05
on this and calling around
5:07
law enforcement circles, people kept telling
5:10
me Teagrin figured out how to
5:12
track all this. They even called
5:14
him the Bitcoin wizard. And over
5:16
the next decade, he became...
5:18
Kind of this evangelist for
5:21
crypto. He believed that if done
5:23
correctly, crypto could solve a lot
5:25
of the problems in the financial
5:27
system, and maybe be more
5:29
transparent than traditional banks.
5:32
And so, in 2021, Tigran
5:34
decided to leave government and take
5:36
his talents to the largest
5:39
cryptocurrency platform in the world,
5:41
a company called Binance. Binance
5:44
is what's called an exchange, a
5:46
place to buy or sell crypto.
5:48
And it had this kind of
5:50
sketchy reputation as a place for
5:52
money laundering and criminals. He was
5:54
hired as the global head
5:56
of intelligence and investigations, which
5:58
meant working with lawn coursemen
6:00
across the world, showing them the
6:03
ways in which he tracked crypto
6:05
transactions. So in many ways,
6:07
his job at Binance wasn't
6:10
that different than what he
6:12
was doing at the IRS. I
6:14
don't handle business. I have nothing
6:16
to do with any products. My
6:18
whole court duties, and which is
6:20
all I do is assist law enforcement
6:22
and compliance. Unofficially, he was sort of
6:24
an ambassador for finance and for crypto
6:27
itself. He was there to send the
6:29
message. Cryptos Wild West days were over.
6:31
That shady stuff finance was doing was
6:33
in the past. Today's finance is law-binding
6:35
and we're here to help. Which is
6:37
why, in February of last year, he found
6:40
himself in Nigeria. He was there to meet
6:42
top government and law enforcement officials. We agreed
6:44
to go out there and meet with them,
6:46
being like, okay, you know, if you
6:48
need anything, just to go above them
6:51
and beyond and beyond and help them
6:53
out and help them out, and help
6:55
them out. Now, Nigeria, as a country,
6:57
has a complicated relationship with crypto. By
6:59
the time Tigran had arrived last
7:01
year, their currency, the Nira, had
7:03
been through years of turmoil. They
7:06
had unpagged the Nira from the
7:08
US dollar. Inflation had been high,
7:10
like 30% annually. And so, people
7:12
had been buying up crypto as
7:14
a kind of store of value.
7:17
Instead of putting savings at a
7:19
bank, they would buy Bitcoin or
7:21
Ethereum. In 2024, Nigeria had the
7:23
second largest cryptocurrency adoption rate
7:26
in the world. For the
7:28
Nigerian government, the rapid adoption of
7:30
crypto meant less control. As more
7:33
people started using finance to trade
7:35
Nira, the central banks hold on
7:37
the value of their currency felt
7:39
like it was slipping away. And so
7:41
they were starting to blame crypto
7:43
for a lot of the country's
7:45
economic problems. Which brings us back to
7:47
Tigran. Tigran's trip to Nigeria was going
7:49
to be quick, just a few days of
7:51
back-to-back meetings. He didn't even check a bag.
7:54
The most important meeting was at the
7:56
big law enforcement intelligence agency in Nigeria,
7:58
known as the National Security. agency or
8:00
NSA. Teigam was excited about the
8:03
meeting when he showed up. They're like,
8:05
oh just just come in to sit down
8:07
they'll come in a little bit. We waited
8:09
for a couple of hours. Were you worried
8:11
that you were waiting that long? It
8:14
started getting a little weird. Teagam
8:16
was there with a colleague named
8:18
Nadim Anjawala. Nadim was younger. He
8:20
wasn't a former cop. He was
8:22
more like Binance's business guy for
8:25
Africa. And the two of them were
8:27
waiting to meet with the head
8:29
of the NSA to talk through
8:31
how Binance and Nigeria could work
8:33
better together. But that meeting never
8:35
happened. Instead, eventually a bunch of
8:37
Nigerian officials filed into the room.
8:39
None of them were really making
8:41
eye contact with Tigran or Nadin.
8:43
And when the meeting did start,
8:46
Tigran realized it was not what they signed
8:48
up for. One of the guys who was
8:50
actually responsible for this. He comes
8:52
in, kind of slaps a folder
8:54
on the table, starts saying, you
8:56
know, you've, you know, destroyed Nigerian
8:58
economy. The Nigerian authorities told
9:01
them that Binance had tanked their
9:03
currency, that they'd laundered money, and
9:05
that they'd evaded taxes. According
9:07
to Tigran, they basically said, we
9:10
are not going to let you leave until
9:12
we are satisfied that Binance is on the
9:14
up and up. Among other things, they said
9:16
they wanted Binance to pay those taxes
9:18
and also some fines, and they said
9:21
they wanted more control over the platform,
9:23
including information on Binance's
9:25
users. We want a user records
9:27
for every single Nigerian user. Until
9:30
that's done, you can't leave. We reached
9:32
out to the Nigerian authorities for this
9:34
story. They declined to comet. What we
9:36
do know is that the Nigerian government
9:38
has a history of being quick to
9:40
find companies and seize their assets. But
9:43
Binance had no assets to seize
9:45
or to hold his collateral. In
9:47
a sense, Teagrin and Nadim
9:49
became collateral. And where might
9:52
the Nigerian government have gotten
9:54
the idea of detaining someone
9:56
from Binance and slapping them
9:59
with a... We do have some breaking
10:01
news on a major crypto company, Binance, the
10:03
CEO. Oh yeah, it was us, the
10:05
U.S. We are here today to announce that
10:07
the Justice Department has secured
10:09
felony guilty pleas from the
10:12
world's largest cryptocurrency exchange. A
10:14
few months before Tigram was detained
10:17
in Nigeria, the U.S. Justice Department
10:19
announced this huge case against BINETS.
10:21
They'd been investigating the company for
10:23
years, and they had reached a
10:26
plea deal with the founder and
10:28
former CEO. a guy named Chung
10:30
Pan-Jao, also known as CZ. And
10:32
he and the company agreed
10:34
to plead guilty to
10:36
a bunch of federal
10:38
charges, including flouting anti-money
10:41
laundering laws and violations
10:43
of the U.S. Bank Secrecy Act. They
10:45
were fined $4.3 billion. This is
10:47
one of the largest penalties
10:49
we have ever obtained from
10:51
a corporate defendant in a
10:53
criminal matter. The announcement
10:56
rocked the crypto world. Yeah,
10:58
it might have planted an idea
11:00
in the minds of Nigerian officials.
11:02
Back in Nigeria, Tigran and the
11:04
business guy, Nadim, told officials, we're
11:07
not top finance executives. We can't
11:09
pay that fine. We can't release
11:11
that user data. That's way above
11:13
our pay grade. And Nigerian
11:15
officials were like, okay then, call
11:17
your bosses, because until that gets
11:20
cleared up, we're keeping you here in Nigeria.
11:22
Authorities took them to a safe
11:25
house in the capital. Apparently, the
11:27
conditions there weren't all that bad.
11:29
Tigran had access to a phone. He
11:31
could talk to a lawyer. Nadeem convinced
11:33
the guard to buy satellite TV so
11:35
they could watch movies. And the food,
11:37
Tigran says, it was good. There was
11:39
a cook in the, that was assigned
11:41
to the house. That even was ridiculous
11:44
the whole time. It was crazy. He
11:46
would like make crazy requests. He kept
11:48
asking for like smoothies in the morning.
11:50
The cook would make him like two
11:52
smoothies, like avocado smoothie and whatever.
11:54
a lot of smoothies. Tigran took
11:56
to push-ups and pull-ups to stay
11:59
fit and... the edge off his
12:01
anxiety, but Nadin was getting more and
12:03
more freaked out and Tigran tried to
12:05
comfort him. And then one day, about a
12:07
month after they were detained, things took a
12:09
turn. Tigran went to Nadin's room. It
12:11
was dark, the lights were out, so I went
12:14
up and knocked on his door, he didn't answer.
12:16
He opened the door. I was like Nadin,
12:18
Nadin, were you there? No response, I
12:20
just see, you know, just a
12:22
mountain of, like, blankets. Right. Like,
12:24
pillows. And I'm like, there's a
12:27
foot stick enough from underneath the
12:29
blanket and pull it off. It
12:31
was, you stuffed the water ball
12:33
inside a sock, put it there, so. Oh
12:35
my God. Yeah. Nadin had escaped. And
12:38
Tigran says, at this moment,
12:40
he felt his heart sink. For
12:42
weeks, he and Nadin had been
12:44
in this together. Surely Nadim
12:46
had at least left an
12:49
explanation. But when Tigran looked
12:51
around for a note, he couldn't
12:53
find one. And in this
12:55
moment, Tigran realized it was going
12:58
to be just him, all by
13:00
himself, against the government
13:02
of Nigeria. When I'm like, I'm
13:05
alone. And so I'm trying to figure
13:07
out, how do I handle this? What
13:09
should I do? He knew he had... minutes
13:11
before the guards figured out that
13:13
Nadeem had escaped. And he knew
13:15
that once that happened, all hell
13:17
would break loose. At the very
13:20
least, he'd probably lose access to
13:22
his phone and the world. So we
13:24
tiptoed out to the courtyard where no
13:26
one could overhear him and he pulled
13:28
out that phone and hit record.
13:30
Hello, my name is Seerren
13:33
Gambarian. I'm the head of
13:35
Financial Crime Compliance. Yeah, this
13:37
was that haunting video that
13:39
made the rounds. Two days
13:41
after he sent that video
13:43
Nigerian authorities started officially charging
13:45
Teagrin with tax evasion They
13:47
also said he was complicit
13:49
in helping Binance launder 35.4
13:51
million dollars in illegal transactions
13:53
and that Binance was operating
13:55
without a license and once he was
13:57
arraigned he was not sent back to the
14:00
guest house with the satellite TV and the
14:02
chef. This time his treatment was much
14:04
worse. The treat to me, had a lecture when
14:06
they're transporting me, it was ridiculous. Like
14:08
two trucks were full of like people
14:10
with a rifle, one in the front,
14:12
one in the back. It was insane.
14:14
The prison he ended up in is
14:17
infamous. It's called Kuzia. It's where
14:19
Nigeria puts ISIS militants. It's actually
14:21
one of the largest prisons in
14:23
Nigeria. Tigram wasn't put in general
14:25
population. He wasn't gonna be bunking with
14:28
some ISIS guy. He got his own
14:30
cell. It was just a cell
14:32
with nowhere conditioning, nothing, cockroaches.
14:34
There's a mattress and a
14:36
ton of cockroaches everywhere, just
14:38
like infestation. By then, the
14:41
authorities had taken away his phone,
14:43
but as he looked around him, it
14:45
looked like all the prisoners had their
14:47
own phones, and he said, how do
14:49
I get me one of those? And
14:51
the first night he was there, he
14:53
gets an opportunity to buy one. One
14:56
of the guard comes in, then
14:58
an ask, he just opens the
15:00
door, sits down in bed, and
15:03
says, like, I'll sell your phone
15:05
for $25,000. I'm like, okay, what?
15:07
It's like, yeah, you're a
15:09
finance executive, you're a
15:11
billionaire, you can afford
15:13
this. I'm like, I'm
15:15
sorry, you got that wrong guy.
15:18
It's like, okay, fine, $5,000. I'm
15:20
like, no, I'm like, I'm not
15:22
a billionaire. Yeah. The Nigerian
15:24
government had been painting
15:27
this picture of him, as
15:29
not only the cause of
15:31
all of Nigeria's money problems,
15:34
the inflation, the speculation, but
15:36
also as a billionaire, an
15:38
evil one, and a crook. How
15:40
was Tigran going to get out
15:42
of here? That is after the
15:44
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15:53
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16:02
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16:15
decisions to improve outcomes. Learn more
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at gramerly.com/Enterprise. Eventually, Tigran did get
16:19
a phone, and he was able
16:21
to talk with his family. He
16:24
says he spent hours on video
16:26
calls with his 10-year-old daughter. They'd
16:28
talk while she played video games,
16:30
late into the night. And on
16:33
those calls, he says he tried
16:35
to pretend things were normal, that
16:37
he was just on a long
16:39
business trip. But later, he found
16:41
out that she'd known all along.
16:44
She'd googled him. Months go by.
16:46
And even though Tigran's a strong-world
16:48
person, spending that long in a
16:50
seedy prison cell started to wear
16:52
him down. Not just mentally, but
16:55
physically. We just can't believe that.
16:57
I'm still here, you know, it's,
16:59
I spent my, you know, 40th
17:01
birthday in Nigerian prison, I forgot
17:03
say. And then one morning, he
17:06
wakes up feeling sick. It feels
17:08
kind of like food poisoning, so
17:10
next thing I know I'm throwing
17:12
up. In May, about three months
17:14
into his detention, Tigran got malaria.
17:17
Pretty common in Nigeria, it's treatable.
17:19
Think like a bad flu, but
17:21
worse. But if it is not
17:23
treated, it can be debilitating, even
17:26
deadly. And Tigran was not getting
17:28
good care. His malaria led to
17:30
pneumonia. Eventually he became bedridden. And
17:32
that aggravated some of his back
17:34
problems. He ended up unable to
17:37
walk. He needed a wheelchair to
17:39
get around. But according to Tigran,
17:41
when he was in public for
17:43
court appearances, Nigerian officials wouldn't let
17:45
him use the wheelchair. There were
17:48
local journalists showing up, and he
17:50
said officials thought pictures of him
17:52
in a wheelchair would be bad
17:54
press and show that he wasn't
17:56
being taken care of. Yeah, there's
17:59
this incredible video from last September.
18:01
Tigran is in this echoy courthouse
18:03
hallway with a single crutch. He's
18:05
struggling to walk and he's getting
18:07
more and more frustrated. Because there
18:10
is a guard in brown fatigues
18:12
trying to get him into a
18:14
courtroom. But when Tigran keeps reaching
18:16
for the guard's hands, the guy
18:19
will not help. Every few steps,
18:21
Tigran has to rest against the
18:23
wall. This video? showing how much
18:25
Tigran's health had declined, made it
18:27
onto social media. And it seemed
18:30
to shift things in his favor.
18:32
Yeah, but the key thing that
18:34
turned the tide for Tigran was
18:36
when Nigerian prosecutors actually started to
18:38
lay out their case against him
18:41
in court filings. The only evidence
18:43
that they had in my charging
18:45
documents was my business card that
18:47
said I was head of the
18:49
global intelligence investigations in my entire
18:52
charging records against me. My business
18:54
card is the only evidence in
18:56
there. Tigran was expecting the Nigerian
18:58
prosecutors to at least have gone
19:00
through the motions of building a
19:03
case against him. But instead, what
19:05
they had tying Tigran to these
19:07
alleged crimes was a single sheet
19:09
of paper, a photocopy of his
19:12
business card. And that was the
19:14
moment, it seems, that Tigran's case
19:16
really changed for the US government.
19:18
Yeah, the whole time Teagrin had
19:20
been detained in Nigeria. I'd been
19:23
calling sources at the Justice Department,
19:25
the White House, and even one
19:27
high-level State Department official, saying, what
19:29
are you doing to get this
19:31
guy out? They wouldn't go into
19:34
detail, and they weren't authorized to
19:36
speak on the record. But I
19:38
got the impression that they were
19:40
dragging their feet. Maybe because the
19:42
U.S. saw Nigeria as a partner?
19:45
Maybe because at first blush Nigeria's
19:47
case against Tigran seemed so much
19:49
like the US's own case against
19:51
Binance. But after prosecutors submitted their
19:53
evidence, it became clear that Nigeria's
19:56
case against Tigran was nothing like
19:58
the one the US had brought
20:00
against CZ, the founder of Binance.
20:02
The US case was years in
20:05
the making. They had reams of
20:07
evidence, emails, voice messages, transactions. Nigeria
20:09
had none of that. And when
20:11
this came out, US officials seemed
20:13
to kick it up a notch.
20:16
The US strategy to get Tigran
20:18
out was, it seems, pretty simple,
20:20
a full court diplomatic press. For
20:22
months, US officials were told to
20:24
bring up Tigran at the beginning
20:27
of... every meeting they had with
20:29
Nigerian officials, with the foreign minister,
20:31
the finance minister, the national security
20:33
advisor, but also the minister of
20:35
culture, the minister of sports. And
20:38
this strategy went all the way
20:40
to the top, all the way
20:42
to then President Joe Biden. According
20:44
to four people close to the
20:46
case, Biden was scheduled to meet
20:49
with Nigeria's president Tanubu. That was
20:51
last September at the UN General
20:53
Assembly in New York. And U.S.S.
20:55
officials had signaled that Biden was
20:58
going to raise Tigran's case in
21:00
those meetings. And according to my
21:02
sources, President Tanubu ended up skipping
21:04
the entire UN General Assembly, maybe
21:06
to avoid the embarrassment of that
21:09
meeting. Tigran's health, meanwhile, continued to
21:11
deteriorate. And eventually, the pressure, maybe
21:13
the embarrassment, became too much. The
21:15
Nigerian government announced they were going
21:17
to release Tigran on humanitarian grounds.
21:20
They said they were just releasing
21:22
him so that he could get
21:24
medical care. Binance set a private
21:26
plane to pick up Tigran. They
21:28
flew him to Rome. And then
21:31
he took a commercial flight back
21:33
to the U.S. All told, he
21:35
spent about eight months in detention.
21:37
He's still recovering from the medical
21:39
issues related to getting malaria. And
21:42
he still works at Binance. By
21:44
the way, we did reach out
21:46
to Binance for the story, and
21:48
they did not respond to our
21:51
questions about Tigran. He was away
21:53
for so long, they brought in
21:55
someone else to do the job,
21:57
temporarily. Tegan initially went to Nigeria
21:59
to help the government. use crypto
22:02
for their law enforcement efforts. But
22:04
that project is pretty much dead.
22:06
Tigran says Binance doesn't cooperate with
22:08
Nigerian officials anymore. Neither do many
22:10
other crypto companies. People in Nigeria
22:13
are still using crypto, but now
22:15
it's back to the Wild West.
22:17
And Tigran is kind of over
22:19
helping them change that. Would
22:22
you ever go back to Nigeria?
22:24
I don't think my wife would
22:26
let me go back to Nigeria
22:28
that once. By the way, Tigran
22:30
and Nadim haven't spoken since Nadim
22:32
escaped. We did reach out to
22:34
Nadim. He didn't get back to
22:36
us. But as for what happened
22:38
to him, Tigran suspects that he
22:40
hopped a guest house wall, got
22:42
an Uber to the airport, and
22:45
caught the first flight out. He
22:47
had a second passport. In November...
22:49
Nadim sent Tigran an email, saying
22:51
he wanted to explain why he
22:53
left and why he did what
22:55
he did. Tigran waited two months
22:57
to respond, and when he did,
22:59
he basically said, I don't have
23:01
that much to say to you.
23:03
He could have at least given
23:05
me a heads up. I almost
23:07
died in that prison. When
23:19
I said that Dina is a legend,
23:21
I meant it. We worked in the
23:24
same office for a few years, and
23:26
I learned so much from her by
23:28
osmosis by watching how she reports. And
23:30
I'll admit it now to you, Dina,
23:33
by eavesdropping on your phone cover situations.
23:35
If you want to hear more stories
23:37
like this one, you can check out
23:39
Dina's show. It's called Click Here. It
23:42
comes from Recorded Future News. This episode
23:44
of Planet Money was produced by Emma
23:46
Peasley and Sean Powers. It was edited
23:48
by Jess Jane. It was fact-checked by
23:51
Sierra Watas and engineered by Sina Loefredo.
23:53
Alex Goldmark is our executive producer. Special
23:55
thanks to the great Karen Duffin. I'm
23:57
Deena and I'm Nick
24:00
Fountain. This is
24:02
NPR. you for listening.
24:04
Fountain. This is NPR. Thank you for listening. This message
24:06
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