Ruth Kimeu and Mary Mwangangi appeared in court on Wednesday charged with operating an unlicensed investment scheme linked to QVSE and fraudulently inducing members of the public to trade in securities.
The two women, also identified in court documents as Ruth Mueni Kimeu and Mary Katuma Mwangangi, pleaded not guilty to the charges and were each released on a bond of Sh200,000.
Prosecutors told the court that the pair allegedly ran a collective investment scheme through Quant Vest Stock Exchange Limited, also known as QVSE and marketed locally under Global Investment Group, without the required licence from the Capital Markets Authority.
The period covered by the charges runs from 1 January to 17 September 2026. They are further accused of making statements and promises that induced people to subscribe for and trade in securities.
The women were arrested on 22 September and presented in court the following day. Court records do not state the total amount of money investors may have lost through the platform.
QVSE had been listed by the Capital Markets Authority earlier this month among 15 entities said to be soliciting funds from the public without the necessary approvals or licences.
The regulator warned Kenyans against dealing with the named outfits and said the Directorate of Criminal Investigations was already looking into their activities.
QVSE presented itself as a platform that allowed ordinary people to take part in trading shares of well-known companies. Reports indicated that participants were asked for a minimum amount of around Sh65,000 and were told they could earn regular returns by following trading signals. The scheme drew interest from teachers, small-scale traders and other members of the public looking for ways to grow their savings.
By early September, however, many users reported that they could no longer withdraw their funds. Accounts were locked and messages cited various rules that left investors unable to access their money.
The Capital Markets Authority has repeatedly cautioned the public about unlicensed investment platforms. In its recent notice the authority listed QVSE alongside fourteen other names and urged anyone who had lost money to report the matter at the nearest DCI office.
Investigations into the operations of these entities continue with the involvement of other law-enforcement agencies.In court the two women denied the allegations against them.
The case was adjourned to a later date for further proceedings. Police and prosecutors are expected to continue gathering evidence while the accused remain free on bond.
Authorities have stressed that only licensed operators are permitted to offer investment services to the public in Kenya, and they continue to advise citizens to check the official registers before placing money in any scheme.
Add Comment