Gasabo Intermediate Court has again postponed, to May 26, the trial of businessman Davis Sezisoni Manzi and his wife, Sophie Akaliza, who face charges of defrauding over 600 people of $10 million through an unauthorized online forex trading scheme. The hearing, initially scheduled for April 14, was adjourned at the request of Akaliza’s legal team, who cited her illness and inability to attend court. She requested for a new hearing date. This is the second postponement in the case. The previous postponement was granted after the couple requested additional time to review all case materials. ALSO READ: Online forex fraud: Davis Manzi’s trial in substance to begin this month Manzi, the founder of Billion Traders FX, is charged with money laundering, fraud, and illegal foreign exchange trading. His wife is being prosecuted as an accomplice in all alleged offences. During a prior hearing on February 12, court granted an adjournment after the defense argued that several civil complaints had not yet been uploaded to the court system. They also expressed a need for more time to review the complaints and explore potential settlements with alleged victims. The defense emphasized that most of the charges stem from unpaid dividends owed to investors rather than direct theft or misappropriation. Both the prosecution and the civil lawyers present did not object to the delay, and the presiding judge allowed the adjournment, noting that it was the first substantive hearing. ALSO READ: How man, wife duped 500 people in $10m online forex fraud Prosecutors allege that Billion Traders FX, launched in 2020, operated without approval from the National Bank of Rwanda and Capital Market Authority (CMA). While Manzi had obtained a general business license from Rwanda Development Board (RDB), authorities argue it only permitted traditional foreign exchange services—not online trading. According to the prosecution, Manzi attracted investors by promising unusually high returns—reportedly telling clients that a $50,000 investment would earn a 10 percent profit within six months, plus a full capital refund. However, many investors say they never received the promised returns. Manzi has pleaded not guilty, insisting that when he launched the company, there were no specific laws regulating online forex trading in Rwanda. He claims he sought licenses from both the central bank and CMA but received no clear decision, only verbal advice to continue operations while the institutions evaluated his business model. He also maintains that the RDB license covered forex activities, including online trading, and blames his company’s financial difficulties on a 2022 CMA report to Rwanda Investigation Bureau (RIB), which led to the freezing of his bank accounts. Manzi told court that over $7 million of the $10 million invested had already been refunded and that he could pay the remainder if his accounts were unfrozen. He denied claims that the returns he promised were unrealistic, arguing that such profits are possible in forex trading. Manzi was arrested on July 30, 2024. His wife, although also facing charges, is not in custody.
