Sophie Akaliza, the wife of embattled online forex businessman Davis Manzi, has denied claims by Rutayisire Muyango, who dragged her to court over a bounced cheque allegedly issued on behalf of Billion Traders FX, an online forex company currently at the centre of a scandal. According to Muyango, he entered into four separate investment agreements with Akaliza between 2023 and 2024. He claims to have entrusted her with substantial sums of money for investment in online forex trading, expecting major profits in return. ALSO READ: Online forex fraud: Court rejects Davis Manzi’s appeal Muyango says he invested various amounts: $200,000, $80,000, $50,000, and another $50,000 at various times. The agreements, he claims, included expected returns which would amount to close to about Rwf 900 million. Akaliza allegedly did not respect the agreements, as she issued a bouncing cheque worth Rwf 135.2 million to Muyango instead of paying him. Muyango is now demanding more than Rwf 10 billion from Akaliza, a figure that includes his initial capital, agreed profits, and punitive damages. The case was first heard on March 14 at Kicukiro Primary Court in Akaliza’s absence. The court had attempted to notify her, but failed to reach her. After learning of the proceedings, Akaliza contacted the court and requested a re-hearing, saying that she had not been notified. In a re-hearing that took place on Friday, April 25, Akaliza admitted that she issued a bouncing cheque to Muyango, but rejected the claims that the cheque was linked to her husband’s company. Instead, she alleged that all the Rwf 900 million that Muyango is demanding from her stem from usury. Here, she pointed out that Muyango lent her Rwf 100 million at an interest rate of 35 percent per month in November 2023. ALSO READ: Suspect in Rwf13bn fraud case speaks out She agreed to repay Rwf 135 million the following month, and as a guarantee, she issued a cheque for Rwf 135.2 million. However, she was unable to repay the amount on time, and the debt ballooned month by month. When it exceeded Rwf 500 million, she says she got worried and voluntarily reported herself to Rwanda Investigation Bureau (RIB). Muyango, however, denied Akaliza’s version of events, insisting the money was invested in Billion Traders FX. He argued that one of the factors that show that Akaliza’s claims are not true is that a 35 percent monthly interest on Rwf 100 million would not account for the Rwf 900 million sum now in dispute. The verdict in the case is scheduled to be delivered on April 29.
