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Rwanda Mounts Operations On Illegal Cryptocurrency Business

Rwanda Investigation Bureau (RIB) has confirmed the arrest and detention of Aimable Nkuranga, the former boss of Association of Microfinance Institutions in Rwanda (AMIR).

Nkuranga was arrested on allegations of fraud and theft by deception in a cryptocurrency business (BITSEC), a case which also involves other suspect- Bagire Eugene, and Amizero Gloire (from Cavallon Ltd) who was also arrested at the end of 2022.

RIB said that the suspects committed crimes related to encouraging and promising Rwandan citizens whopping benefits in buying and transacting or investing in BITSEC Cryptocurrency.

Dr. Murangira said the perpetrators of these crimes often use social media to advertise what they call ‘Real Wealth’ to entice many to invest in the cryptocurrency business.

Murangira asked Rwandans to be careful and pay attention to all the persons who promise benefits while they intend to con their culprits.

Through social media channels and massive networking within inner circles, most victims are required to join the business with investments from each person ranging from $50, $100, $500, $1000, $3000 and up to $5000.

The National Bank of Rwanda has officially said that cryptocurrency business is and remains illegal in the country until the bank approves of it following research on its credibility as a means of doing business.

Aimable Nkuranga, the former boss of Association of Microfinance Institutions in Rwanda (AMIR)
Aimable Nkuranga, the former boss of Association of Microfinance Institutions in Rwanda (AMIR)

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