Gasabo Intermediate Court has rejected a request by Davis Manzi Sezisoni, the founder of the forex trading platform Billion Traders FX, to be provisionally released ahead of his upcoming trial in substance.
Manzi, who is suspected of defrauding over 100 people of more than $10 million (approximately Rwf13 billion), had petitioned the court for temporary release during a hearing held on June 10. The court ruled against the request on June 19, confirming that the trial in substance will proceed on July 16.
Manzi and his wife, Sophie Akaliza, the company’s co-founder and CEO, face charges related to operating an unregulated online forex business. Victims allege that the couple promised unrealistic returns and lured them into investing large sums, only to disappear with the funds.
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During previous hearings, Manzi’s legal team argued that his release would allow him to access approximately $2.5 million allegedly held in offshore accounts in the Seychelles, funds they say could be used to repay clients.
"He is not denying the debts,” his lawyer argued. "But he cannot settle them while in detention.”
His lawyers also cited previous efforts to compensate victims, including Rwf30 million raised from family members and distributed among five complainants. The defense further noted that Manzi had been under house arrest for eight months before his official detention in July 2024, hindering his ability to manage his financial obligations.
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However, prosecutors and lawyers representing the victims rejected the request, calling it a stalling tactic. They said no credible evidence was provided to prove the existence of the offshore accounts. "There is no documentation, no properties under Manzi’s name, no guarantees, nothing,” the prosecutor said.
Victims’ representatives echoed this, pointing to the profound human cost of the alleged fraud, broken families, lost businesses, school dropouts, and auctioned properties.
"People’s lives have been torn apart. What they need is not promises, but justice,” said one lawyer.
Manzi maintains that he operated within the law, citing a general business license issued by the Rwanda Development Board (RDB). He claims that no clear regulations existed for online forex trading when he launched his platform and that he sought verbal guidance from regulators.
Nonetheless, prosecutors insist the RDB license did not cover investment services, and that Manzi’s promises of high returns constituted fraudulent inducement. Manzi faces charges of fraud, illegal forex trading, and money laundering. His wife remains free but is also facing prosecution as an accomplice.