Two women, Ruth Mueni Kimeu and Mary Katuma Mwangangi, were charged on 23rd September 2026 with allegedly operating an unlicensed collective investment scheme linked to Quant Vest Stock Exchange Limited (QVSE) and Global Investment Group.
Appearing before Milimani Chief Magistrate Gethi Kibiru, the two were charged with carrying out the business of a collective investment scheme without a licence issued by the Capital Markets Authority.
According to court documents seen by kauntinews.com, the two accused jointly with others not before the court committed the offence on diverse dates between 1st January and 17th September 2026 at an unknown location within Kenya.
The charges followed investigations into reports that QVSE and Global Investment Group were recruiting Kenyans to invest in the European stock market through their entity.
Investigators found that prospective investors were required to contribute a minimum of Ksh 65,000 and be referred by an existing member.
They were then instructed to create Binance accounts, convert their funds into virtual assets, and transfer them to a crypto wallet address linked to QVSE.
The scheme was allegedly promoted through social media platforms, physical meetings, and public exhibitions, including the Kisumu and Mombasa ASK shows.
Kimeu is specifically alleged to have booked and paid for a QVSE exhibition stall at the Kisumu ASK show.
In addition to operating without a licence, the two women face a second count of fraudulently inducing trading in securities by allegedly making deceptive statements and promises to members of the public.
Both defendants pleaded not guilty to the charges and were released on a Ksh 200,000 bond each.
