Two women have been charged before a Nairobi court over an alleged unlicensed collective investment scheme linked to Quant Vest Stock Exchange Limited (QVSE), also known as Global Investment Group.
Ruth Mueni Kimeu and Mary Katuma Mwangangi appeared before Milimani Chief Magistrate Gethi Kibiru, where they were accused of carrying out the business of a collective investment scheme without a licence issued by the Capital Markets Authority (CMA).
The prosecution alleges that the two women, jointly with others who have not been brought before the court, committed the offence on diverse dates between January 1 and September 17, 2026, at an unknown location within Kenya.
The charges followed investigations into reports that QVSE/Global Investment Group was recruiting members of the public to invest in the European stock market through the entity. According to the prosecution, prospective investors were required to contribute a minimum of Sh65,000 and had to be referred by an existing member before joining the alleged scheme.
The investors were then allegedly instructed to create accounts on Binance, convert their funds into virtual assets and transfer the assets to a wallet address linked to QVSE. Investigators further alleged that the scheme was marketed through social media platforms, physical meetings and exhibitions, including the Kisumu and Mombasa Agricultural Society of Kenya (ASK) shows.
Kimeu is alleged to have booked and paid for a QVSE exhibition stall at the Kisumu ASK show as part of efforts to promote the entity. The two suspects also face a second count of fraudulently inducing trading in securities. The prosecution alleges that they made deceptive statements and promises to members of the public in connection with the investment scheme.
They denied the charges and were released on a bond of Sh 200,000 with an alternative cash bail of Sh 100,000.
