The Rwanda Investigation Bureau (RIB) arrested and detained Aimable Nkuranga, the former boss of Association of Microfinance Institutions in Rwanda (AMIR).
According to local reports, Nkuranga was arrested on allegations of fraud and theft by deception through his cryptocurrency business (BITSEC), in an RBI operation targeting multiple suspected scammers. Others scammers, Bagire Eugene, and Amizero Gloire (of Cavallon Ltd), were arrested in late 2022.
According to the RIB, the suspects committed criminal acts by encouraging and promising Rwandan citizens whopping benefits in buying and transacting or investing in BITSEC cryptocurrency.
According to RIB spokesperson, Thierry Murangira, scammers in the country tend to use social media to advertise what they call ‘Real Wealth’ to entice many to invest in the cryptocurrency business. He urged Rwandans to be careful and pay attention to all the persons who promise benefits while they intend to con their culprits.
Victims are typically urged to invest in the business through social media platforms and extensive networking among close contacts, with investment amounts ranging from $50 to $5,000 per person. Such scams have also drawn the attention of the Bank of Rwanda, having to restate its position on cryptocurrencies.
𝐏𝐔𝐁𝐋𝐈𝐂 𝐍𝐎𝐓𝐈𝐂𝐄: Warning Against Any Involvement In CyrptoAssets Activities.#BNREngage#KnowYourCentralBank pic.twitter.com/hQe5SOPmLj
— CentralBankRw (@CentralBankRw) February 10, 2023
“Crypto-assets come in many forms and remain unregulated. Therefore, consumers and investors involved in this business will not benefit from the guarantees and safeguards associated with regulated financial services,” added the statement from the apex bank.
“Some crypto-assets scams taking novel forms promising unrealistic high returns have been reported in past here in Rwanda and in some instances owners of exchange platforms or service providers disappeared after defrauding the public,” the monetary authority warned.