Kigali, Rwanda – Chinese businessman Billy Cheung, also known as Cheung Yiu Tung, has been arrested in Rwanda for allegedly defrauding over 200 Ugandan businessmen of millions of dollars. Cheung, who was apprehended on February 4, 2025, upon his arrival from Dubai, is accused of orchestrating a widespread financial scam that spanned Uganda and Rwanda, leaving behind debts totaling $51.6 million and Rwf 63,333,422.
Cheung’s arrest marks the end of a long run as a fugitive. Rwandan authorities are now seeking to auction his properties in the country to recover the substantial debts he owes. Among his assets are the Century Park Hotel Kigali, Billy Bistro, several villas, and prime land in Nyarutarama, an upscale suburb of Kigali. These properties are set to be sold in three rounds of auctions scheduled between December 2024 and January 2025, with values ranging from Rwf 248 million to Rwf 4.9 billion. However, the total value of Cheung’s assets is estimated at less than 25million,leavingasignificantshortfallofapproximately26 million.
The fraud allegations against Cheung stem from his involvement in a failed modern market project in Uganda, where he allegedly collected 23 million from investors but never completed the development.
Amongthe victims is Ugandan businessman John Fred Freeman Kiyimba, who claims 7 million in losses. Ugandan courts have ruled against Cheung, and these judgments have been upheld by Rwandan courts, enabling the enforcement of debt recovery measures in Rwanda.
Rwandan prosecutors have charged Cheung with money laundering, fraud, embezzlement, misappropriation of funds, and breach of trust. They are also seeking a 30-day provisional detention while investigations continue. Cheung’s legal team, led by Fountain Advocates and Faustin Murangwa, has argued that the case is a civil debt dispute rather than a criminal matter. They claim that the Ugandan court rulings were based on manipulated evidence and that the money laundering charges lack merit.
However, prosecutors have countered these claims, alleging that Cheung’s fraudulent activities were deliberate and widespread. Investigations have revealed irregularities in property registrations at the Land Centre, including the unexplained removal of caveats on assets held by KCB Bank Rwanda, which is seeking to recover $44.6 million and Rwf 63,333,422 from Cheung.
As the legal battle unfolds, Cheung’s creditors are scrambling to secure priority over the proceeds from the auction of his assets. The court is set to rule on Cheung’s bail application on February 25, 2025. Meanwhile, the case has drawn significant attention, highlighting the cross-border implications of financial crimes and the challenges of recovering funds from high-profile fraudsters.
Cheung’s arrest and the subsequent legal proceedings underscore the growing cooperation between East African nations in tackling transnational financial crimes and holding perpetrators accountable.
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