Sanjeev Kumar, the former CEO of now-defunct Bank M Tanzania PLC, was charged with multiple counts of fraud, obtaining money by false pretence and money laundering, Reuters reported.

The Tanzania central bank placed Bank M under administration in August 2018 after it failed to meet liquidity requirements and maturing obligations. The central bank later transferred the assets and liabilities of the bank to Azania Bank Ltd.

Kumar, who denied the charges, was sent to a remand prison as the charges are not bailable, according to the report.