Detectives from the Capital Markets Fraud Investigation Unit (CMFIU) arrested two women linked to Quant Vest Stock Exchange (QVSE), also known as Global Investment Group, an entity suspected of operating an unlicensed investment scheme in Kenya.
The arrests followed intelligence received by the Capital Markets Authority (CMA) indicating that the entity was allegedly operating a fraudulent pyramid scheme in which participants were incentivised to recruit new members in exchange for bonuses and other financial rewards.
Preliminary investigations established that the scheme appeared to rely largely on the continuous recruitment of new participants rather than identifiable legitimate investment or business activities.
Investigations further revealed that funds received from investors were allegedly converted into virtual assets and transferred to unidentified recipients, complicating efforts to trace the movement of the money and establish its ultimate beneficiaries.
The scheme is also believed to have mounted an aggressive recruitment drive through physical promotional campaigns on social media platforms, particularly TikTok and Bon Chat, police said.
Investigators established that numerous prospective investors were targeted in Machakos, Kitui and Makindu, where promotional meetings were reportedly organised at predetermined locations to attract new members.
Following a thorough investigation, CMFIU detectives arrested Ruth Mueni Kimeu, believed to be the QVSE representative for Machakos County, and Mary Katuma Mwangangi, the entity’s representative in Kitui County.
The two suspects were on September 23, 2026, arraigned before the Milimani Chief Magistrate’s Court, where they faced charges of carrying out the business of a collective investment scheme and fraudulently inducing members of the public to trade in securities by publishing false and misleading information.
They pleaded not guilty to the charges and were each released on a bond of Sh200,000, as investigations and the court process continue.
The DCI told members of the public against entrusting their hard-earned money to unlicensed investment schemes or being lured by promises of quick returns.
Members of the public are encouraged to verify the licensing status of investment entities with the relevant regulatory authorities before committing their funds.
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