Africa-Press – Rwanda. Gasabo Intermediate Court has reopened the trial of Davis Manzi Sezisoni, founder of Billion Traders Ltd, and his wife, Sophie Akaliza, over alleged financial crimes linked to their online forex business.
The couple suspected of fraud and money laundering had initially expected a verdict on September 19. However, the court opted to delay its decision to clarify issues surrounding damages, after concerns emerged that some claimants seeking compensation were not properly reflected in the case.
The case stems from the operations of Billion Traders FX, a company founded by Manzi, which prosecutors allege defrauded hundreds of investors of $10 million. Since 2024, the couple has been battling charges after the business failed to deliver promised returns, leaving investors in financial turmoil.
Dispute over damages
During the September 29 hearing, Manzi’s lawyer stated that there should be no damage compensation, arguing that Manzi had already reached settlements with his clients regarding debts and repayment methods.
He said such agreements fell under civil rather than criminal jurisdiction, and therefore eliminated grounds for damages in the current case.
He said that the way the money was paid was a matter of agreement, like in any business, arguing that no crime was committed, and it is all about agreements that were not respected, and such matters belong in civil proceedings, not criminal damages.
Manzi further took the stand, maintaining that there had been no criminal intent in his dealings. He said that some investors had received profits and chose to reinvest, while others increased their capital based on confidence in the business.
His lawyer said that what happened between him and his clients was a business agreement that was not fulfilled, arguing that Manzi did not intend to betray anyone.
Civil party pushes back
The civil party strongly rejected this line of defence, insisting that the case is rooted in fraud and deception rather than mere business disputes.
James Nuwagabago, one of the lawyers representing the civil party argued that it is a criminal case, not a commercial one, noting that the agreements do not absolve the crimes committed. In fact, he said, they should be considered as evidence of the fraudulent conduct.
He requested the court to recognise the damages and grant compensation to the claimants.
Another lawyer echoed the same view, stating that the alleged crimes undermined the national economy. He pointed out that the defendants created trust among the people by paying some, but this does not mean crimes were not committed.
A third civil party lawyer accused Manzi of orchestrating a deliberate fraud disguised as an investment opportunity. She highlighted suspicious discrepancies, including the fact that despite handling millions of dollars, Manzi had no property registered under his name.
More than 100 people have now filed for damages in the case, according to court records.
Prosecution demands 15 years
In July, prosecutors requested a 15-year prison sentence for both Manzi and Akaliza, accusing them of fraud, money laundering, and illegal online forex trading.
They argued that Manzi lured investors under the pretence of licensed operations. Although he had obtained a permit from Rwanda Development Board (RDB), it only authorised regular currency exchange, not online forex trading. Prosecutors claim that by extending his activities online, Manzi operated illegally.
They further alleged that he laundered investor funds by wiring them away from his accounts in unclear ways, attempting to conceal their trail.
The defence, however, countered that all transactions were transparently transferred to a licensed trading partner in Australia and could be traced.
Manzi argued that his financial troubles began in November 2022, when the Rwanda Investigation Bureau (RIB) froze his bank accounts as part of an investigation. He said this move crippled his operations and prevented him from paying investors. He insisted that all clients had been paid before the account freeze.
He also rejected claims that his wife was a co-owner of the company, saying she was only an employee managing Rwandan operations from 2022, when the business began expanding internationally.
On the licensing issue, Manzi insisted that Rwanda had no specific regulatory framework for online forex trading at the time. He said officials from the central bank had allowed him to continue operations, and his RDB certificate covered broader forex-related activities.
The court is scheduled to deliver its verdict on October 28.
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