The former head of the Association of Microfinance Institutions Rwanda (AMIR), Aimable Nkuranga, and his co-accused Eugene Bagire have pleaded not guilty to charges related to illegal cryptocurrency trade.
Nkuranga and Bagire were arraigned before Kicukiro Primary Court on Tuesday, January 17, where prosecutors charged them on three counts including illegal operation of currency trade, fraud and money laundering.
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Prosecution requested that the duo be remanded on grounds that investigations were still underway and that the duo would interfere with the evidence if granted bail.
Bagire denied the charges and explained cryptocurrency as financial assets and investments, which depend on the changes in currency markets.
Prosecution says they so far have over 250 people who filed cases against the two, while about 600 are reported to be still in the process of filing. Victims told the prosecution that the money was transferred directly to the account of Bagire through mobile money.
In his defence submission, Nkuranga denied the charges saying that, "Legacy Plus Group is a company that is made up of three shareholders, and I have 35 per cent of the shares. It was registered by Rwanda Development Board (RDB) in May last year.”
He added that when he acquired shares in Legacy Plus Group, he didn’t practice anything illegal, and even when the system was down, his investments were also part of the money lost, adding that if he had ill intentions he would have removed his money.
Bagire is said to be the main contact person with whom people with interest of joining the trade deal with, of which he denies.
Bagire also denied the charges saying that Cryptocurrency as financial assets and investments, which depends on the changes in currency markets.
According to the account presented by prosecution the duos sensitized people using their YouTube channel to invest money in Legacy Plus group and buy cryptocurrency with a promise that the investment would multiply
The court set Friday January 20 for the bail ruling.