Davis Sezisoni Manzi, the founder of an online forex company called Billion Traders FX, is set to appear before Gasabo Primary Court on Monday, August 19, for a bail hearing.

Manzi who has been in detention since July 30 faces charges of money laundering, fraud, and involvement in illegal foreign exchange trading.

According to Rwanda Investigation Bureau (RIB), Manzi is accused of defrauding over $10 million (more than Rwf13 billion) from 500 people through an online foreign exchange trading scheme.

ALSO READ: How man, wife duped 500 people in $10m online forex fraud

Since 2020, Manzi allegedly solicited investments from people, promising a 50 percent profit within five months through his online forex trading company. Investors were enticed by the prospect of receiving $4,000 in monthly dividends, with returns increasing in proportion to the amount invested.

However, when the promised dividends did not materialize, some investors initiated legal action against Manzi. Investigations have revealed that at least 500 people invested in Billion Traders FX. Despite lacking a license for foreign exchange trading, Manzi managed to convince a significant number of people to invest a substantial sum in his company, according to RIB.

If found guilty, Manzi could face up to 15 years in prison, along with fines ranging from three to five times the amount involved.

ALSO READ: Central bank warns against forex trade fraud

Rwandan regulators have repeatedly warned the public, in recent years, against investing in suspicious pyramid schemes and online forex trading companies, citing their illegality and significant risks.

A 2023 report by credit reporting agency TransUnion revealed that at least 30 percent of Rwandans were targeted by online fraudsters and scammers between September and December 2022.