Kicukiro Primary Court has released on bail the former boss of Association of Microfinance Institutions in Rwanda (AMIR) who is co-accused in crypto currency fraud case.
Nkuranga, alongside Eugène Bagire were arrested in December for allegedly illegal business in crypto currency under a company called BITSEC.
The allegation included fraud and theft by deception in a cryptocurrency business that used a YouTube channel (Ubukire Nyabwo TV) to promote the ‘Real Wealth’ and ‘Millionaires Mindset Club’.
According to Prosecution evidence, at least 260 Rwandans across the country had been registered into this business.
Crypto currency business remains illegal in Rwanda, according to the Central Bank.
In a brief verdict hearing today, the court ordered release of Nkuranga on bail, but retained his co-accused (Bagire) for 30 days pending a trial.
Court said that there is no sufficient evidence and reasonable doubt to suspect or detain Nkuranga as he continues to face the charges levied on him which include fraudulent exchange of money and soliciting money from others without consent.
For co-accused Eugène Bagire, court stated that there are strong reasons why he should be prosecuted for the crime of taking someone else’s property because he did not give the defendants the right to use the technology (system) they were using, but they demanded that they give him money.
The parties involved in the case (especially Bagire and the Prosecution) have five working days to appeal this decision.