Police in Malawi has arrested former Finance Minister Joseph Mwanamveka and former Central Bank head Dalitso Kabambe on charges of abuse of office and fraudulent accounting.

A police spokesman said the two, while serving in their respective positions, allegedly procured and masterminded the falsification of financial records with intent to help Malawi secure a loan from the International Monetary Fund.

The two deny wrongdoing, calling the arrest a political witch-hunt.

In recent days, both men have expressed an interest in running for the presidency in the main opposition Democratic Progressive Party, with a view to challenging President Lazarus Chakwera, whose term of office ends in 2025.

Police have also arrested another former cabinet minister, Ben Phiri, for alleged fraud in an unrelated case.

Mr Phiri, who was a local government minister under former President Peter Mutharika, also denies any wrongdoing.