Two Women Charged Over Unlicensed QVSE Investment Scheme
Ruth Mueni Kimeu and Mary Katuma Mwangangi, alleged QSVE proprietors in court.
Two women have been charged at the Milimani Law Courts over allegations of operating 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 carrying out the business of a collective investment scheme without a licence from the Capital Markets Authority (CMA).
Prosecution counsel Hillary Isiakho told the court that the two, jointly with others who have not been charged, allegedly committed the offence on diverse dates between January 1 and September 17, 2026, at an unknown location in Kenya.
The charges followed investigations into reports that QVSE/Global Investment Group was recruiting Kenyans 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 obtain a referral from an existing member before joining the scheme.
Investigators further established that recruits were required to create Binance accounts, convert their funds into virtual assets and transfer the money to a wallet address allegedly linked to QVSE.
The alleged investment scheme was promoted through social media platforms, physical meetings and exhibitions, including the Kisumu and Mombasa Agricultural Society of Kenya (ASK) shows.
The prosecution alleges that Kimeu booked and paid for a QVSE exhibition stall at the Kisumu ASK show as part of the promotion of the scheme.
The two women also face a second count of fraudulently inducing trading in securities.
They are accused of making deceptive statements and promises to members of the public in connection with the alleged investment activities.
Kimeu and Mwangangi denied the charges when they appeared before the court.
The court released each of the accused on a Ksh200,000 bond as the case proceeds.
The charges relate to alleged activities involving QVSE/Global Investment Group and do not amount to a finding of guilt. The prosecution will be requi
