The Gasabo Intermediate Court has postponed the trial of businessman Davis Sezisoni Manzi and his wife Sophie Akaliza, who are accused of fraud, until April 14. The couple’s defence team had requested for the adjournment to have sufficient time to review all the details of the case against them. The couple is accused of defrauding over 600 people of $10 million through an online foreign exchange trading company owned by Manzi. Manzi, who founded Billion Traders FX, faces charges of money laundering, fraud, and illegal foreign exchange trading. His wife is being prosecuted as an accomplice in all the alleged offences. ALSO READ: Suspect in Rwf13bn fraud case speaks out During the hearing held on February, 12 the court granted the adjournment after the couple’s defence argued that some civil complaints for damages were still being uploaded into the system and that they had not had sufficient time to review them. The defence also said they would use the intervening period to engage with victims of the alleged fraud and explore possible settlements, noting that the charges against Manzi and his wife primarily stemmed from unpaid dividends to the people who had invested in the company. Civil lawyers present at the hearing did not object to the postponement, and the prosecution side acknowledged the defendants’ right to review all complaints. Given that this was the first substantive hearing, the presiding judge ruled in favor of the adjournment. ALSO READ: Court remands suspect in $10 million fraud case According to prosecutors, Billion Traders FX, launched in 2020, operated without authorization from the National Bank of Rwanda and the Capital Market Authority (CMA). While Manzi had obtained a business license from the Rwanda Development Board (RDB), prosecutors argued that the licence permitted only traditional foreign exchange activities—not online forex trading. The prosecutors alleged that Manzi lured people to invest in his company by promising exceptionally high returns. It is alleged that Manzi promised the investors that a $50,000 investment would yield a 10 percent profit within six months, along with a full capital refund. However, the investors reportedly did receive the promised returns. During a previous court appearance, Manzi pleaded not guilty to the charges, arguing that when he launched his company, there were no specific laws regulating online forex trading in Rwanda. He claimed that when he sought a license from the central bank and the Capital Market Authority, these institutions neither approved nor denied his request but advised him to continue operations while they assessed the business model. Manzi maintains that the license granted by RDB permitted forex exchange activities, which he said, included online trading. He attributes his financial difficulties to a 2022 CMA report to the Rwanda Investigation Bureau (RIB), which led to his accounts being frozen, allegedly preventing him from paying dividends to the investors. According to Manzi, out of the $10 million invested in the company, more than $7 million had been refunded. He told the court that he could settle the remaining amount if his accounts are unfrozen. He also refuted the prosecution’s claim that the promised returns were unrealistic, arguing that forex trading can generate such profits. Manzi was arrested on July 30, 2024. His wife remains under prosecution without being detained.
