The Director of Public Prosecutions (DPP) has charged two women over their alleged involvement in an unlicensed collective 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, where they were charged with operating the business of a collective investment scheme without a licence issued by the Capital Markets Authority (CMA).
According to the prosecution, the two women allegedly committed the offence jointly with other individuals who have not been brought before the court. The alleged offences took place on diverse dates between January 1 and September 17, 2026, at an unknown location within Kenya.
Investors Asked to Contribute KSh65,000
The charges followed investigations into reports that QVSE/Global Investment Group was recruiting Kenyans to invest in the European stock market through the entity.
Investigators told the court that prospective investors were allegedly required to contribute a minimum of KSh65,000 and obtain a referral from an existing member before joining the scheme.
The recruits were then allegedly instructed to create accounts on Binance, convert their funds into virtual assets and transfer the money to a cryptocurrency wallet address linked to QVSE.
The prosecution alleges that the scheme used various channels to attract potential investors, including social media platforms, physical meetings and exhibitions.
Among the events where QVSE allegedly promoted its activities were the Agricultural Society of Kenya (ASK) shows in Kisumu and Mombasa.
Kimeu is alleged to have booked and paid for an exhibition stall for QVSE at the Kisumu ASK Show.
Second Charge Over Securities Trading
The two women also face a second count of fraudulently inducing trading in securities.
The prosecution alleges that they, together with others, made deceptive statements and promises to members of the public in an effort to persuade them to subscribe to and trade in securities through the QVSE/Global Investment Group arrangement.
The charges are part of investigations into the activities of the investment operation and how it recruited members of the public.
Women Plead Not Guilty
Kimeu and Mwangangi pleaded not guilty to the charges when they appeared before the court.
They were subsequently released on a KSh200,000 bond each.
The case will proceed through the court process, where the prosecution will be required to prove the allegations against the two accused persons.
Read more: Why Kenyans Keep Losing Money to Fake Investment Schemes
