Sophie Akaliza, the wife of embattled online forex businessman Davis Manzi, has been handed a five-month suspended jail sentence after being convicted of issuing a bounced cheque to a Kigali businessman Rutayisire Muyango. The plaintiff, Muyango, took Akaliza to court in March, claiming that she issued to him a bounced cheque worth Rwf 135.2 million in 2023, on behalf of Billion Traders FX, an online forex company owned by Manzi. ALSO READ: Online forex fraud: Court rejects Davis Manzi’s appeal Muyango claims the cheque was issued as repayment for a Rwf 100 million investment he had made in the company, which was expected to generate profits bringing the total amount to Rwf 135.2 million. He also alleges that he made several additional investments in the company, including $200,000, $80,000, $50,000, and another $50,000 at different times. According to him, the agreements included projected returns that would bring the total owed amount to Rwf 900 million. During a hearing held on April 25, Akaliza admitted to issuing the bounced cheque but denied that it was linked to her husband’s company. Instead, she argued that the Rwf 900 million returns Muyango is claiming stem from usury, as she told the court that Muyango lent her Rwf 100 million in November 2023 at an interest rate of 35 percent per month. After agreeing to repay Rwf 135 million the following month, she says, she issued a cheque for Rwf 135.2 million as a guarantee. However, she says, she was unable to repay the amount on time, and the debt continued to grow month by month. When it surpassed Rwf 500 million, she became concerned and voluntarily reported herself to the Rwanda Investigation Bureau (RIB). Muyango, however, disputed Akaliza’s account before the court, insisting that the money was an investment in Billion Traders FX. He argued that Akaliza’s claim of a 35 percent monthly interest on Rwf 100 million does not explain the Rwf 900 million now being claimed. ALSO READ: Suspect in Rwf13bn fraud case speaks out In a verdict issued on April 29, the court convicted Akaliza of issuing a bounced cheque but ruled that she is only required to repay the amount stated in the cheque, which is Rwf 135 million, in addition to minor costs incurred by the plaintiff during the judicial process. During the hearing, Akaliza’s lawyers had asked for leniency, citing her status as a first-time offender, and requested that any penalties against her should be suspended. The court decided to sentence her to a five-month jail term, suspended for two years, and also imposed a suspended fine exceeding Rwf 665 million (also suspended for two years). According to Article 240 of the Criminal Procedure Code, a suspended penalty is rendered null and void if, during the specified suspension period, the convicted person is not prosecuted and convicted of another crime.
