Sophie Akaliza, the spouse of Davis Manzi, a businessman currently on remand for allegedly defrauding people of billions of francs through online forex trading, has been dragged to court over issuing bouncing cheques worth over Rwf900 million. The case was heard on Friday, March 14, at Kicukiro Primary Court. The plaintiff, Muyango Rutaisire, told the judge that he signed four separate agreements with Akaliza, between 2023 and 2024, in which he entrusted her with funds for investment in online forex trading with the expectation of receiving profit. ALSO READ: Online forex fraud: Court rejects Davis Manzi’s appeal Muyango claims to have invested varying amounts; $200,000 in one instance, followed by $80,000, then $50,000, and another $50,000. According to the contracts, he was to receive various returns from the investments. However, Akaliza reportedly did not adhere to the terms of the agreements. In the case, Muyango is demanding for over Rwf10 billion from Akaliza. This includes his initial capital and profit accrued, as well as punitive damages as prescribed by the law under such circumstances. The prosecutor in the case requested that the court imposes fines exceeding Rwf5.3 billion and sentence Akaliza to five years in prison for the bouncing cheques, should she be found guilty. ALSO READ: Suspect in Rwf13bn fraud case speaks out Although Akaliza was absent during the hearing, the proceedings continued, and the judges announced that the verdict would be delivered on April 10. Meanwhile, Akaliza’s husband, Manzi, 38, is still on remand and his trial ongoing where he faces charges related to the online forex scheme in which he allegedly defrauded over 600 people of $10 million through an online foreign exchange trading company he founded, Billion Traders FX. Manzi is charged with money laundering, fraud, and illegal foreign exchange trading. ALSO READ: RIB names 10 companies involved in white-collar crimes Billion Traders FX, the company founded by the couple, commenced operations in 2020. Prosecutors argued that Manzi only held a license from Rwanda Development Board (RDB), which permitted him to engage in regular foreign exchange activities but not online forex trading. As such, they contended he conducted illegal online forex trading. Furthermore, they claimed that Manzi promised clients unrealistic returns, such as a 10 percent profit on a $50,000 investment within six months, with the added assurance that the capital would be returned. Manzi’s trial s still ongoing.
