During the substantive hearing: Manzi Sezisoni Davis, the owner of the trading company Billion Traders, admitted that he suffered losses after ICE Market closed his accounts because he had begun to be investigated by law enforcement following complaints from 106 people.
Manzi Sezisoni Davis and his wife, Akaliza Sophie, are accused of defrauding the public of over $10 million through their company, Billion Traders.
The accused are facing three charges: money laundering, illegal foreign exchange trading, and fraudulently acquiring other people’s property.
The amount involved exceeds $10.4 million, although Manzi Davis claims to have already paid back 7 billion Rwandan francs.
Regarding the fraud charge, the Prosecution stated that RDB (Rwanda Development Board) had issued a license allowing Manzi to start a Forex Bureau, but he used it to conduct different activities.
On this charge, Manzi explained that he had knowledge in foreign exchange trading and had even taught it at various institutions. He registered Billion Traders with RDB with the intention of starting that business.
A letter from Manzi to the National Bank of Rwanda (BNR), and their response, showed that his business fell under Capital Markets Authority rather than being a typical Forex Bureau; otherwise, BNR would not have referred him to Capital Markets.
Regarding the charge of illegal foreign exchange and trading, there was a letter from the Capital Market Authority (CMA) to the Rwanda Investigation Bureau (RIB), explaining that such business was unauthorized and lacked approval from BNR.
Manzi explained that they had engaged in discussions with BNR and the CMA since this was a new business model, and he argued that there needed to be a legal framework regulating it—just as exists in other countries like Kenya, South Africa, and Nigeria.
He said that, upon CMA’s request, he drafted a law to regulate the business, which is now in use—but he remains imprisoned.
He also said he had been operating for two and a half years and had been paying clients without issue before his arrest.
On the money laundering charge, the Prosecution claimed that his account was receiving large sums of U.S. dollars without any clear source until the investigation began.
Manzi stated that at some point, RIB issued an order to freeze his accounts but would temporarily lift it when he needed to pay clients—something that led to the beginning of his financial difficulties.
Subsequently, ICE Market, with which he had partnered, closed his account in Seychelles holding $2.5 million, asking him to resolve the legal issues arising in Rwanda since he was under investigation.
At that point, he was placed under house arrest for seven months while still trying to recover his frozen $2.5 million from ICE Market.
He wrote to the Ministry of Foreign Affairs and other institutions seeking help, but he received no assistance that could help Rwandans recover their money.
He reiterated that he had drafted a law regulating this kind of business at the request of the Capital Market Authority, and although it’s currently in effect, he is still imprisoned.
His lawyer argued that Manzi’s business operations were never banned as usually happens when a business is deemed illegal.
He insisted that no crime had been committed; it was purely a business matter that should be handled in a commercial court. Manzi Davis’s wife appeared in court as an accomplice.
The Prosecution claimed that since she admitted to receiving money from the public into her account, it was proof that she was complicit with her husband.
Akaliza Sophie said she did not understand why she was in court since she was merely an employee at Billion Traders and Manzi’s wife, with no direct involvement in the company’s management.
She stated that she was not a trader but worked for Manzi along with eight other staff members, meaning she should not be charged as an accomplice.
Regarding the funds she received, she said it was part of her job responsibilities, and that everyone who gave her money had signed agreements with Manzi Sezisoni.
The lawyer stated that ICE Market Global confirmed that it worked with Manzi Sezisoni from 2020 to 2024 and that he had a good working relationship with his clients.
An example was given of a man named Higiro James who initially invested $90,000 and received $184,000, then reinvested $486,000—of which only $87,000 remained unpaid.
The Prosecution requested that the accused be sentenced to 15 years in prison and fined over $52 million.
In court, Manzi Sezisoni apologized to the clients and promised to repay their money. The court’s verdict will be announced on September 19, 2025, at 2:00 PM.
NTAMBARA Garleon
RADIOTV10
