Manzi is facing charges including money laundering, illegal currency trading, and fraudulently acquiring property. Prosecutors allege he lured citizens into investing in Billion Traders by promising high returns, but later failed to deliver.
The defence maintains that part of the funds, equivalent to Frw 7 billion, was repaid, a claim prosecutors dispute, saying no proof has been presented.
Appearing before the court on September 29, Manzi said there was no intent to defraud, adding that he had even approached the National Bank of Rwanda and the Capital Market Authority seeking regulations for his business.
'I believed we were all building the country together, both the investors and us who were generating returns,' he said.
Defence lawyers argued that some investors had already reached repayment agreements, which they said should not be combined with the criminal proceedings.
But lawyers representing more than 100 complainants countered that the case is criminal, not commercial, and that any agreements with Manzi could serve as evidence of fraud rather than remove liability.
The Prosecution has requested a 15-year prison sentence and a $52 million fine, stressing that the scheme undermined public trust and damaged the economy.
The court will deliver its verdict on October 28, 2025, at 2:00 p.m.
IGIHE
