Ex-Bank M boss charged, remanded

Dar es Salaam. The former CEO of Bank M (Tanzania), Mr Sanjeev Kumar Purushothaman, 63, appeared before the Kisutu Resident Magistrate’s Court yesterday facing 29 counts of money laundering, forgery and obtaining cash through false pretence amounting to Sh6 billion.

Reading the charge sheet before Senior Resident Magistrate Huruma Shaidi, senior state attorney Paul Kadushi, who was being assisted by Mr Wankyo Simoni, said the accused, popularly known as P Sanjeev Kumar, stands accused of 29 counts under Criminal Case Number 73 of 2019.

It was claimed in court that on March 10, 2010 in Dar es Salaam, Mr Kumar, an Indian national, forged documents which were then submitted to Bank M purporting that he be paid $15,000 as payment for business operations.

On counts three to 16, the accused is alleged to have obtained a total of Sh6 billion on the pretext that the money was meant for Bank M’s operations.

It was alleged that between January 8 and June 30, 2015, the accused obtained cash amounting to Sh1.107 billion, claiming that the money was meant for Bank M’s business operations.

Similarly, he is alleged to have obtained Sh793 million between January 3 and June 28, 2014, alleging that the money was for Bank M’s operations. Between July 4, 2013 and December 23, 2013, the accused is alleged to have obtained Sh686.855 million on false pretences.

In line with the obtained cash, the state charged in court yesterday that under charges 17 and 29, P Sanjeev Kumar is alleged to have laundered a total of Sh6 billion, while knowing that the money was acquired through false pretences.

The accused, through lawyers Husdon Ndusyepo and Benedict Ishabakaki, denied the charges. They asked the court to send their client to a remand prison where his relatives will find it easy to visit him. They also said the accused was diabetic.

Senior state attorney Kadushi told the court that investigations into the case were still ongoing and since medical services were being offered to all inmates, the defendant’s side had nothing to worry about.

The Senior Resident Magistrate said under Tanzania’s laws, money laundering cases are not bailable. The accused was thus remanded until March 21 this year when the case comes up for mention.

The charging of Mr Kumar comes barely two months after the Bank of Tanzania (BoT) transferred assets and liabilities of Bank M to Azania Bank.

That came several months after the BoT took over the management of the bank, in August, 2018, saying it had critical liquidity problems and was unable to meet its financial obligations.