Ruth Mueni Kimeu, identified as the QVSE representative in Machakos County, and Mary Katuma Mwangangi. Photo by DCI 
By Andrew Mbuva
Two women linked to Quant Vest Stock Exchange (QVSE), also known as Global Investment Group (GIG), have been arrested and charged over allegations of operating an unlicensed investment scheme that investigators say targeted unsuspecting Kenyans.
Ruth Mueni Kimeu, identified as the QVSE representative in Machakos County, and Mary Katuma Mwangangi, the entity’s representative in Kitui County, were arraigned at the Milimani Law Courts on Wednesday, September 23, 2026.
The two pleaded not guilty to charges of operating a collective investment scheme without a licence from the Capital Markets Authority (CMA) and fraudulently inducing members of the public to trade in securities through allegedly false and misleading statements.
The arrests were carried out by detectives from the Capital Markets Fraud Investigation Unit (CMFIU) following intelligence received by the CMA concerning the activities of QVSE/GIG. The CMA has separately listed Global Investment Group and QVSE among entities it says are operating without the requisite licensing or approval and are the subject of ongoing investigations.
According to investigators, the entity allegedly operated through a pyramid-style recruitment model, where existing participants were offered bonuses and other financial incentives for bringing new members into the scheme.
Preliminary investigations indicated that the operation appeared to depend heavily on the continued recruitment of new participants rather than identifiable legitimate investment or business activities.
Investigators further established that money received from investors was allegedly converted into virtual assets before being transferred to unidentified recipients. The transactions have reportedly made it difficult for authorities to trace the movement of the funds and establish their ultimate beneficiaries.
The alleged recruitment campaign was reportedly conducted aggressively through physical promotional meetings and social media platforms, including TikTok and Bon Chat.
Prospective investors were allegedly targeted in Machakos, Kitui and Makindu, where promotional meetings were organised at predetermined locations in an effort to attract new members.
The prosecution alleges that the two women acted jointly with other individuals who have not been brought before the court. The alleged offences are said to have occurred between January 1 and September 17, 2026.
The suspects were each released on a Sh200,000 bond as the case proceeds.
The authorities have cautioned members of the public against entrusting their money to investment entities whose licensing status has not been verified.
The CMA has urged Kenyans to confirm whether investment companies are licensed or approved before committing their funds, particularly where promoters promise unusually quick or high returns. Its current public caution lists QVSE and Global Investment Group among entities under investigation.
The case remains before the court, and the allegations against the two women have not been proven.
