A Rwandan man suspected of swindling $10 million (more than Rwf13 billion) out of 500 people in an online foreign exchange trading scheme has been under detention since July 30. According to Rwanda Investigation Bureau (RIB), Davis Sezisoni Manzi, 38, who ran an online forex company called Billion Traders FX, faces charges of money laundering, fraud and involvement in illegal foreign exchange trade. ALSO READ: Central bank warns against forex trade fraud Manzi’s case was referred to the Prosecution on August 5, as he remains under detention at Kimihurura RIB Station in Kigali, The New Times has learnt. Also implicated in the fraud case is Manzi’s wife, Sophie Akaliza, who was not under detention by Wednesday, according to RIB. How did he do it? Since 2020, Manzi is said to have asked different people to invest in his online forex trading company, promising them to get a 50 per cent profit in five months. The investors were promised $4,000 in monthly dividends, which would increase in proportion to the amount invested, RIB said. Some of the investors started a lawsuit against Manzi after waiting in vain for their dividends. Investigators have found that at least 500 people invested in Billion Traders FX. ALSO READ: Central bank suspends six forex bureaus, penalises 10 for fraudulent trade It remains unclear how Manzi, who did not have a licence for foreign exchange trade, convinced 500 people to invest up to $10 million in his company, RIB said. He faces up to 15 years in prison and fines three to five times the money involved, if he is found guilty. ALSO READ: Over 30% Rwandans targeted by online fraud, money scams In recent years, Rwandan regulators have warned the public against investing in suspicious pyramid schemes and online forex trading companies saying they are illegal and pose uncalculated risk. At least 30 per cent of Rwandans were targeted by online fraudsters and scammers between September and December 2022, according to a 2023 report by credit reporting agency TransUnion.
