The Gasabo Intermediate Court in Rwanda resumed the high-profile fraud case involving Davis Manzi, founder of the online forex trading platform Billion Traders FX, and his wife, Sophie Akaliza, on Tuesday, June 10. The couple are facing serious allegations of running an unregulated forex trading operation that reportedly defrauded many investors of billions of Rwandan francs.
At the centre of the latest court session was a request from Manzi’s legal team asking for his provisional release from detention. His lawyers argued that only his release would enable him to access around $2.5 million (about Rwf3 billion) said to be frozen in offshore bank accounts in the Seychelles. They told the court that Manzi wants to pay back over 100 victims but cannot do so while in custody.
The defence team, representing Manzi, explained that he does not deny owing money to the victims. They claimed he is committed to settling the debts and believes true justice will only come if victims are refunded. They added that some efforts had already been made, including Rwf30 million collected from his family and distributed to five of the complainants.
The lawyers also insisted that Manzi had already been under significant restrictions before his formal arrest in July 2024. According to them, he was placed under house arrest for eight months and had his accounts blocked as far back as November 2022. These restrictions, they said, made it difficult for him to organise repayments or run his business.
However, the prosecution rejected the request and dismissed the arguments as attempts to delay justice. The prosecutors said there was no solid proof that any money was kept in the offshore accounts. They pointed out that there were no bank statements, no properties, or any other guarantees to support the claim that Manzi could actually refund the victims if released.
“There is no documentation proving that the accounts in the Seychelles hold any money,” the prosecutor stated. “There are no properties under his name or under his wife’s name that could be used as collateral.”
Victims’ lawyers also opposed the request, saying the defence team failed to provide clear evidence of Manzi’s willingness or ability to pay back the money. One of the lawyers noted that Manzi had more than a year before his arrest to make repayments, yet he did not take any meaningful action during that period.
Some victim testimonies shared in court highlighted the emotional and financial damage caused by the alleged fraud. Several families reportedly broke up, businesses collapsed, and some victims were forced to sell their properties or pull children out of school due to lost funds.
“This case has deeply affected people’s lives,” one victims’ representative said. “What the people need now is not more promises but justice.”
In defence, Manzi’s team claimed he had been in communication with authorities and had reached out to the Rwanda Investigation Bureau (RIB) about the frozen funds. They also argued that some clients were repaid even while he was under house arrest.
They further stated that when Billion Traders FX was launched, there were no clear laws in Rwanda governing online forex trading. Manzi allegedly approached the National Bank of Rwanda and the Capital Market Authority (CMA) for guidance and was advised verbally to continue operations as the regulators reviewed his business model.
According to the defence, Manzi operated with a general business license from the Rwanda Development Board (RDB), which they believe permitted forex trading, including online transactions. They blamed a 2022 report from the CMA sent to RIB as the trigger that led to his financial downfall and the freezing of his bank accounts.
However, the prosecution disagreed, saying the RDB license only allowed traditional forex services and did not cover online investment activities. They accused Manzi of misleading investors by promising unrealistic returns, such as 10% profit in six months from a $50,000 investment, while guaranteeing full refund of capital.
Court records show that Billion Traders FX collected over $10 million from investors. Manzi claims to have refunded more than $7 million, saying the remaining balance can be cleared if his accounts are unfrozen.
Manzi is facing multiple charges including fraud, illegal forex trading, and money laundering. His wife, Sophie Akaliza, who was also a co-founder and CEO of Billion Traders FX, is facing related charges but remains free.
The court is expected to make a decision on Manzi’s request for bail on June 19. Until then, the case remains closely watched due to the high number of victims and the growing concerns around online investment fraud in the region.
