Prince Shema, a 20-year-old man accused of swindling Rwf70 million from 13 people was arraigned in court on Tuesday, January 31,

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Prosecutors said he lured a number of people into investing in his company, P&A Group, without them knowing that they were falling prey to a white collar crime scheme that operates by taking money from new investors in order to pay profits to others.

He is said to have committed the crimes earlier this year.

At the primary court of Nyarugenge, Shema denied the charges, saying he did not have any intentions of defrauding people.

He noted that his company signed agreements with the clients, a factor that shows that he was committed to deliver on what he promised. Unfortunately, he claimed, he was affected by unexpected supply side issues and could not deliver on time.

When he was arrested on January 16, he said he had just returned from Dubai.

He argued that if he really had intended to defraud people, he would not have returned from the middle-east.

He asked the presiding judge to grant him bail so that he can repay his clients or deliver the vehicles he had promised to them, adding that he also needs to attend school.

But the prosecutors requested the court to remand him as the case continues in substance, because he is a flight risk or can even interfere with the ongoing investigations.

The bail ruling is slated for February 6.