NAIROBI, Kenya – The Director of Public Prosecutions (DPP) has charged two women over allegations that they operated 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 accused of carrying out the business of a collective investment scheme without a licence from the Capital Markets Authority (CMA).
The two pleaded not guilty and were released on a Sh200,000 bond each.
Women Charged Over Unlicensed Investment Scheme
Prosecution counsel Hillary Isiakho told the court that the two women, 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.
The prosecution alleges that the operation did not have the required CMA licence to conduct a collective investment scheme.
Investors Allegedly Asked to Pay Sh65,000
According to investigators, prospective investors were required to contribute a minimum of Sh65,000 and obtain a referral from an existing member.
The investors were then allegedly required to create Binance accounts, convert their funds into virtual assets and transfer the assets to a wallet address linked to QVSE.
The prosecution’s case is that the process formed part of the investment scheme through which members were recruited and funds collected.
Scheme Promoted Through Social Media, Shows
Investigators told the court that the alleged scheme was promoted through social media platforms, physical meetings and exhibitions.
The promotional activities allegedly included the Kisumu and Mombasa Agricultural Society of Kenya (ASK) shows.
Kimeu is specifically alleged to have booked and paid for a QVSE exhibition stall at the Kisumu ASK Show.
Second Fraud Charge
Kimeu and Mwangangi also face a second count relating to fraudulently inducing trading in securities.
The prosecution alleges that the two made deceptive statements and promises to members of the public in connection with the investment opportunity.
The charge relates to alleged representations made to prospective investors and is separate from the allegation that the investment scheme operated without a CMA licence.
Accused Persons Deny Charges
The two women denied all the charges when they appeared before Chief Magistrate Kibiru.
The court granted each accused person a Sh200,000 bond, allowing them to remain out of custody as the case proceeds.
