The Gasabo Intermediate Court has postponed the delivery of the verdict in the trial of Billion Traders Ltd founder, Davis Manzi Sezisoni, and his wife, Sophie Akaliza. The couple are being tried for alleged fraud, money laundering, and operating an illegal online forex business. The verdict was expected on Tuesday, October 28. However, the court explained that the ruling had been delayed as the drafting of the judgment was not yet complete. The decision is now scheduled for November 17. ALSO READ: Davis Manzi's forex trial reopened as court probes compensation claims The case stems from the operations of Billion Traders FX, which prosecutors say defrauded hundreds of investors of over $10 million after promising lucrative returns that never materialised. The couple has been battling the charges since 2024 following widespread investor complaints and frozen accounts. During the hearing of September 29, Manzi’s lawyer argued that there should be no damages awarded in the criminal case, claiming that Manzi had already reached repayment agreements with some investors. He said the dispute was commercial in nature and belonged in civil proceedings, not criminal court, insisting Manzi never intended to deceive anyone. Manzi supported this position, saying some investors had received dividends and voluntarily reinvested, while others increased their capital due to trust in the business. ALSO READ: Davis Manzi case: Prosecutors seek 15-year-jail term Lawyers representing the civil party rejected this argument, maintaining that fraud and deception were central to the case. They contended that private repayment arrangements do not erase criminal liability and instead demonstrate awareness of wrongdoing. One lawyer argued that the alleged scheme harmed the national economy by manipulating trust for personal gain. Another pointed to suspicious financial inconsistencies, noting that despite claims of managing millions of dollars, Manzi has no property registered under his name. Court records show more than 100 people have filed claims for damages. In July, prosecutors requested 15 years in prison along with heavy financial penalties for Manzi and his wofe. They argued that although Manzi obtained a licence from the Rwanda Development Board (RDB) for regular forex operations, he illegally expanded into online trading without proper authorization. Prosecutors also accuse Manzi of laundering investor funds by transferring them through unclear channels to conceal their movement. The defence countered that all funds were traceable and transparently transferred to a licensed trading partner in Australia. Manzi claimed operations collapsed only after the Rwanda Investigation Bureau (RIB) froze his bank accounts in November 2022, preventing him from paying investors. He insisted all clients had been paid before the account freeze. Regarding his wife’s role, Manzi argued Akaliza was not a co-owner but an employee managing local operations during the company’s international expansion in 2022. He also maintained that Rwanda lacked a specific regulatory framework for online forex trading at the time, saying central bank officials were aware of and permitted his activities.
