Two women charged over alleged Ksh.65K QVSE investment scheme

Two women have been charged at the Milimani Law Courts over an alleged unlicensed investment scheme linked to Quant Vest Stock Exchange Limited (QVSE)/Global Investment Group.

Ruth Mueni Kimeu and Mary Katuma Mwangangi appeared before Milimani Chief Magistrate Gethi Kibiru on charges of operating a collective investment scheme without a licence from the Capital Markets Authority (CMA).

According to the Office of the Director of Public Prosecution (ODPP), the two were recruiting Kenyans to invest in the European stock market through the entity that required prospective investors to contribute at least Ksh.65,000 to participate.

“Investigators found that prospective investors were required to contribute a minimum of Ksh.65,000 and be referred by an existing member,” stated the ODPP.

The prosecution alleges that the two women, jointly with others who have not been charged, 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 Quant Vest Stock Exchange Limited (QVSE)/Global Investment Group was recruiting Kenyans to invest in the European stock market through the entity.

Investigators further alleged that recruits were required to create Binance accounts, convert their funds into virtual assets and transfer the money to a wallet address linked to QVSE.

The scheme was allegedly marketed through social media platforms, physical meetings and exhibitions, including the Kisumu and Mombasa Agricultural Society of Kenya (ASK) shows.

The prosecution further alleged that Kimeu booked and paid for a QVSE exhibition stall at the Kisumu ASK show.

The pair also face a second charge of fraudulently inducing trading in securities through alleged deceptive statements and promises made to members of the public.

They pleaded not guilty to the charges and were each released on a Ksh.200,000 bond.