The claims, which have been circulating among certain individuals, suggest that the RIB unfairly accused over 150 people, including Rwandans and foreigners, of being involved in the bank's fraud, without sufficient evidence or proper legal procedures.
The accusations stem from a 2023 investigation into the misuse of Mastercard prepaid multicurrency cards, a service introduced by I&M Bank.
The bank had marketed the cards as a way for customers to exchange Rwandan Francs into various foreign currencies at favourable rates.
According to RIB, some individuals exploited the system by deceiving others into providing personal information, which was then used to obtain multiple cards and carry out fraudulent transactions. The stolen funds amounted to approximately $10.26 million.
Following the discovery, RIB launched an investigation, and a number of suspects were placed under investigation. Some were arrested, while others fled the country.
A total of 148 suspects have been pursued, and over 2.27 billion Rwandan Francs have been recovered, along with other assets, including properties purchased with the stolen money.
Despite the progress in the case, several individuals have claimed that they were wrongly accused and victimized by the RIB's actions.
Among the claims, one individual, through a post on X, alleged that the investigation was manipulated by some corrupt officials who abused their power for personal gain.
However, RIB has firmly rejected these allegations, stating that its actions have always been based on law and evidence. The bureau maintains that it followed proper procedures throughout the investigation and that any claims of injustice are being used to deflect attention from the true perpetrators.
'We are committed to upholding the law and ensuring that all individuals involved in illegal activities are held accountable,' RIB said while reacting to the social media seeking President Paul Kagame's intervention.
'The allegations of wrongful targeting are baseless and part of a broader attempt to discredit our efforts.'
RIB assures the public that the investigation is ongoing, with continued efforts to bring those responsible to justice.
IGIHE
