NAIROBI, Kenya — Two women linked to Quant Vest Stock Exchange (QVSE), also known as Global Investment Group, have been charged over an alleged unlicensed investment scheme that investigators say operated as a pyramid scheme.
Detectives from the Capital Markets Fraud Investigation Unit (CMFIU) arrested the two following intelligence received by the Capital Markets Authority (CMA) over the entity’s alleged investment activities.
The suspects were arraigned at the Kilimani Chief Magistrate’s Court on Wednesday, September 23, 2026, where they denied the charges.
Two Women Arrested in Machakos, Kitui
The suspects are Ruth Mueni Kimeu, described by investigators as the QVSE representative in Machakos County, and Mary Katuma Mwangangi, identified as the entity’s representative in Kitui County.
According to the Directorate of Criminal Investigations (DCI), the arrests followed investigations into an entity suspected of operating an unlicensed investment scheme.
Investigators allege that participants were encouraged to recruit new members in return for bonuses and other financial rewards.
The DCI said preliminary investigations indicated that the scheme appeared to depend largely on continued recruitment of new participants rather than identifiable legitimate investment or business activities.
Investigators Trace Funds to Virtual Assets
Investigators further allege that money received from investors was converted into virtual assets before being transferred to unidentified recipients.
The transfers have complicated efforts to establish the movement of the funds and identify their ultimate beneficiaries, according to the DCI.
Authorities are continuing to investigate the flow of money and the alleged investment structure.
Social Media Used to Recruit Members
The alleged scheme is also said to have conducted an aggressive recruitment campaign through physical promotional meetings and social media platforms.
Investigators specifically cited TikTok and Bon Chat as platforms allegedly used to promote the scheme and attract prospective investors.
The DCI said promotional meetings were organised at predetermined locations in Machakos, Kitui and Makindu as part of efforts to recruit new members.
The meetings allegedly encouraged potential participants to join the investment scheme.
Suspects Face Investment and Fraud Charges
Kimeu and Mwangangi were charged with carrying out the business of a collective investment scheme without the required authorisation.
They also face charges of fraudulently inducing members of the public to trade in securities by publishing false and misleading information.
The two pleaded not guilty to the charges.
The court released each suspect on a Sh200,000 bond as investigations and the criminal proceedings continue.
The charges remain allegations, and the suspects are presumed innocent unless proved guilty by a court.
DCI Warns Against Unlicensed Investment Schemes
The DCI has cautioned members of the public against entrusting their money to unlicensed investment entities or schemes promising unusually quick returns.
The agency urged prospective investors to verify whether an investment company or scheme is properly licensed before committing their money.
Members of the public are also encouraged to conduct due diligence on investment opportunities and confirm the regulatory status of financial service providers with the relevant authorities.
