In Rwanda, the legal proceedings against entrepreneur Davis Manzi, who faces charges of fraud, money laundering, and operating an illegal online foreign exchange business, have taken a significant turn. Manzi allegedly persuaded over 500 individuals to invest nearly $10 million. On August 28, a court in Kigali denied his request for parole.
The court determined that Manzi does not qualify for parole, given the seriousness of the charges and the need for him to remain in custody until his trial.
Almost one hundred investors have filed civil suits against him. One anonymous investor shared their experience, explaining how a friend introduced them to Manzi’s scheme in 2022, leading them to invest.
In court, around fifteen alleged victims, along with some investors who had received their dividends on time, attended to support Manzi.
Manzi’s lawyer argued for parole to enable his client to address his debts, with the hope that repayments could be made after the trial’s conclusion.
Earlier this year, the Rwandan Financial Markets Authority implemented new regulations for foreign currency trading to enhance transparency and protect investors.