The Kicukiro primary court in Kigali heard two suspects charged with cryptocurrency fraud in a pre-trial hearing today.
The suspects include Aimable Nkuranga, the former head of the Association of Microfinance Institute of Rwanda (AMIR) who operated a cryptocurrency business under a company called BITSEC.
The other suspect is Bagire Eugene, who was arrested along with another Amizero Gloire (of Cavallon Ltd), the latter did not appear in court.
Nkuranga and his co-defendant were arrested earlier this month on charges of fraud and theft by deception at a cryptocurrency business that used YouTube to promote 'Real Wealth' and 'Millionaires Mindset Club.'
In a brief hearing on the charges, both suspects told the court that they, too, suffered huge losses at cryptocurrency companies, which manage, promote and attract local investment through social media.
Cryptocurrency is illegal in Rwanda.
The Rwanda Investigation Bureau (RIB) said the suspects committed crimes related to deceiving, encouraging and promising people huge profits when buying and transacting or investing in the BITSEC cryptocurrency.
The court ruling is scheduled for January 20.
