Rwanda Investigation Bureau (RIB) has confirmed the arrest of Canisius Bihira, an economic analyst who is under investigation for fraudulently obtaining other people’s property.

Bihira, 61, has also been the Chief Executive Officer of a company called AFADE.

According to Thierry B. Murangira, the Spokesperson of RIB, Bihira was arrested on August 25 after complaints were raised by some 11 people who accused him of hoodwinking them into buying shares in his company.

The alleged victims bought shares worth over Rwf16m with promises that they would get returns on their money which they never got, according to RIB.

Murangira said that the suspect is being held at Kacyiru RIB station while the investigation is ongoing for the case to be submitted to the prosecution.

He urged people to always be cautious whenever being proposed to invest for a quick profit.

"People should always first make due diligence before giving their money to someone. They should be inquisitive and first establish if it is practical," Murangira said. 

According to the law, fraud is punishable under article 174 of the penal code and upon conviction, a culprit faces imprisonment of between two and three years and a fine of between Rwf3 million and five million.

However, if this offence is committed by a person who intends to issue shares, shareholder’s bills, securities, bonds, vouchers, or any other cash value, either for a business company, trading company, or industry, the applicable penalty may increase up to five years.

In this case, the fine increases to between Rwf5 million and Rwf7 million.