Kigali, Rwanda – June 19, 2025 – The Gasabo Intermediate Court has rejected a bid for provisional release by Davis Manzi Sezisoni, founder of the controversial forex platform Billion Traders FX, cementing his detention ahead of his fraud trial scheduled for July 16th. Manzi and his wife, CEO Sophie Akaliza, face charges of defrauding over 100 investors of more than $10 million (approx. Rwf13 billion).
Bail Request Rejected
Manzi’s legal team petitioned the court for his temporary release during a June 10th hearing, arguing it was essential for him to access approximately $2.5 million (nearly Rwf3 billion) allegedly frozen in offshore accounts in the Seychelles. They claimed these funds were crucial to repay defrauded clients.
“He is not denying the debts,” Manzi’s lawyers asserted. “Manzi believes the only way justice can truly be served is by repaying the victims. But he cannot do that while incarcerated.” The defense cited previous compensation efforts, including Rwf30 million distributed to five complainants raised from family members, and highlighted Manzi’s eight months under house arrest prior to his July 2024 detention as hindering his ability to resolve obligations.
Prosecution & Victims Decry “Stalling Tactic”
Prosecutors and lawyers representing the victims vehemently opposed the release request, dismissing the offshore funds claim as unsubstantiated and a delay tactic.
“There is no documentation, no properties under Manzi’s name, no guarantees, nothing,” stated the prosecutor, questioning the existence of the Seychelles accounts. They pointed out that Manzi had over a year before his arrest to repay victims but failed to act: “He was given over a year before his arrest to clear the arrears. He did nothing.”
Victims’ representatives emphasized the devastating human cost of the alleged scheme. “People’s lives have been torn apart,” said one lawyer, detailing consequences including broken families, lost businesses, school dropouts, and auctioned properties. “Some have even divorced because of the financial stress. What they need now is not promises, but justice.”
Dispute Over Legality and Regulation
Manzi maintains his innocence, arguing Billion Traders FX operated legally under a general business license from the Rwanda Development Board (RDB). He claims no specific regulations for online forex trading existed when he launched and that he sought verbal guidance from the National Bank of Rwanda and the Capital Market Authority (CMA).
Prosecutors counter that the RDB license covered only traditional currency exchange, not online investment services. They allege Manzi lured investors with unrealistic promises, such as 10% profit on a $50,000 investment within six months, coupled with full capital return. They argue these promises constituted fraudulent inducement.
While acknowledging Billion Traders FX collected over $10 million, Manzi claims to have refunded more than $7 million and insists the remaining amount could be settled if his accounts were unfrozen. This claim is disputed by prosecutors.
Charges and Next Steps
Manzi faces charges of fraud, illegal forex trading, and money laundering. His wife, Akaliza, is charged as an accomplice but remains free pending trial. The Gasabo Intermediate Court confirmed the trial “in substance” – the main evidentiary hearing – will proceed as scheduled on July 16th, following its June 19th decision to deny Manzi’s provisional release. The case continues to grip Rwanda, highlighting the risks of unregulated investment schemes and the profound impact on victims.
