Gasabo Intermediate Court has once again postponed the trial of Davis Sezisoni Manzi, the founder of Billion Traders FX, and his wife Sophie Akaliza. The case will be heard on June 10.
The couple is accused of defrauding more than 600 people of over $10 million through an unauthorized online forex-trading scheme. The hearing, originally set for May 26, was adjourned after the presiding judge in the case was transfered to the High Court. The case will now await the appointment of a new judge.
This is the third postponement of the case. A previous hearing scheduled for April 14 was delayed following a request from Akaliza’s legal team, citing her illness and inability to attend court. Before that, the couple had been granted more time to review extensive case files.
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Manzi faces charges of fraud, money laundering, and unauthorized foreign exchange trading, while Akaliza is being prosecuted as an accomplice in the alleged crimes.
During a February 12 hearing, the defense argued that several civil complaints had not yet been uploaded to the court’s system and that additional time was needed to review the cases and possibly reach settlements with some of the complainants. The prosecution and civil parties did not object, and the judge granted an adjournment, noting that it was the first substantive hearing of the case.
According to prosecutors, Billion Traders FX, which began operating in 2020, lacked the required approvals from both the National Bank of Rwanda (BNR) and Capital Market Authority (CMA). While Manzi had secured a general business license from Rwanda Development Board (RDB), authorities argue that it only covered traditional foreign exchange services, not online trading.
Prosecutors allege that Manzi lured investors by promising unusually high returns—reportedly telling clients that a $50,000 investment would generate a 10 percent profit within six months, in addition to full capital reimbursement. However, many investors claim they never received the promised returns.
Manzi has pleaded not guilty, maintaining that when he launched the company, there were no clear laws regulating online forex trading in Rwanda. He claims to have approached BNR and CMA for guidance and was told, verbally, to continue operating as the institutions reviewed his business model.
He insists that the license from RDB covered his activities, including online trading. Manzi attributes the company’s financial difficulties to a 2022 report by CMA to Rwanda Investigation Bureau (RIB), which led to the freezing of his bank accounts.
In court, Manzi claimed that over $7 million of the invested funds had already been refunded and that he could repay the rest if his accounts were unfrozen. He also rejected allegations that his promised returns were unrealistic, arguing that such profits are feasible in forex trading.
Manzi was arrested on July 30, 2024. His wife, though charged, remains out of custody.