Kenya charges two women over QVSE pyramid investment scheme spread through Tik tok and Bonchat
Kenya’s DCI says two women linked to Quant Vest Stock Exchange (QVSE / Global Investment Group) have been charged over an allegedly unlicensed pyramid-style investment scheme. Investigators allege investor funds were converted into virtual assets and transferred to unidentified recipients. Both pleaded not guilty and were released on Sh200,000 bond each.
Kenya’s Directorate of Criminal Investigations (DCI) says two women linked to Quant Vest Stock Exchange (QVSE), also known as Global Investment Group, have been charged over allegations that they operated an unlicensed investment scheme and fraudulently induced members of the public to trade in securities.
According to a DCI statement, detectives from the Capital Markets Fraud Investigation Unit (CMFIU) acted on intelligence from the Capital Markets Authority (CMA). Investigators allege the scheme rewarded participants for recruiting new members with bonuses and financial incentives, relying on continuous recruitment rather than identifiable legitimate investment or business activity. The DCI said investigations indicated money received from investors was allegedly converted into virtual assets and transferred to unidentified recipients, complicating efforts to trace the funds and identify ultimate beneficiaries. Investigators said the alleged recruitment campaign used social-media platforms, particularly TikTok and Bon Chat. Prospective investors were reportedly targeted in Machakos, Kitui and Makindu through meetings organised at predetermined locations. The DCI identified suspects Ruth Mueni Kimeu, the QVSE representative for Machakos County, and Mary Katuma Mwangangi, the entity’s representative in Kitui County. The two appeared before the Kilimani Chief Magistrate’s Court on 23 September 2026 and 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. Both pleaded not guilty. The DCI said each was released on a bond of Sh200,000 as investigations and court proceedings continue. The DCI cautioned the public against placing money with unlicensed investment schemes or promises of quick returns, and urged investors to verify licensing status with relevant regulators before committing funds.