Ex-CEO of Tanzania’s Bank M charged with fraud, money laundering
11 Mar 2019

The former chief executive officer of Tanzania’s Bank M was charged with fraud and money laundering on Thursday, two months after the central bank revoked the bank’s licence.

Sanjeev Kumar, who denied the charges at a court in the commercial capital Dar es Salaam, was sent to a remand prison as suspects in money laundering cases are not entitled to bail.

Tanzania’s central bank took over the management of Bank M, which had assets of nearly $500 million last August after it suffered critical liquidity challenges, before transferring them to another bank, Azania, in January.

By Fumbuka Ng’wanakilala, Reuters, 7 March 2019

Link to Reuters

Advance your CPD minutes for reading this article, by signing up and using the CPD Wallet

FREE CPD Wallet
No Responses to “Ex-CEO of Tanzania’s Bank M charged with fraud, money laundering”

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.