Gasabo Intermediate Court is set to begin the substantive trial of businessman Davis Manzi on February 12. Manzi is accused of defrauding over 600 people of $10 million through his online forex trading company, Billion Traders FX.
He faces multiple charges including fraud, money laundering, and illegal foreign exchange trading.
According to prosecutors, Billion Traders FX, launched in 2020, operated without authorization from the National Bank of Rwanda (RNB) and Capital Market Authority (CMA). While Manzi had obtained a license from Rwanda Development Board (RDB), prosecutors argue that it only permitted him to engage in regular foreign exchange activities, not online forex trading.
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The prosecution claims that Manzi lured investors with promises of exceptionally high returns, claiming that a $50,000 investment in his company would yield a 10 percent profit in six months, along with a full capital refund. However, investors reportedly never received the promised returns.
During a previous court appearance, Manzi pleaded not guilty, arguing that at the time he established his company, there were no laws specifically governing online forex trading in Rwanda. He claimed that when he approached the central bank and CMA for a license, they neither granted nor denied his request but advised him to continue operations while they assessed the business model.
Manzi contended that his RDB license did not clearly restrict him to traditional forex exchange but instead permitted "forex exchange activities,” a term he believes encompasses online trading. He asserted that his financial troubles began in 2022 when CMA reported him to Rwanda Investigation Bureau (RIB), leading to the freezing of his accounts. This, he said, hindered his ability to reimburse investors.
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According to Manzi, out of the $10 million invested by Rwandans, he has already refunded over $7 million and could repay the remaining amount if authorities unfreeze his accounts.
He refuted the prosecution’s claim that the promised profits were unrealistic, arguing that forex trading has the potential to generate such returns.
Manzi was first arrested on July 30, 2024, and appeared in court for the first time on August 19. The court ruled to remand him, a decision he appealed and lost.