Two KAMBA women arrested in connection with QVSE scam that saw Kenyans lose millions of shillings (PHOTOs)

Thursday, September 24, 2026 - Two women linked to Quant Vest Stock Exchange (QVSE), also known as Global Investment Group, have been arraigned in connection with a fraudulent investment scheme that targeted gullible Kenyans.

The two were arrested by detectives from the Capital Markets Fraud Investigation Unit (CMFIU) following intelligence received by the Capital Markets Authority (CMA) that the entity was allegedly operating an unlicensed investment scheme.

According to the DCI, preliminary investigations established that the scheme appeared to operate as a pyramid scheme, with participants being incentivised to recruit new members in exchange for bonuses and other financial rewards.

Investigators further established that the scheme appeared to rely largely on the continuous recruitment of new participants rather than identifiable legitimate investment or business activities.

Funds received from investors were converted into virtual assets and transferred to unidentified recipients, making it difficult for investigators to trace the movement of the money and establish its ultimate beneficiaries.

The scheme is also said to have mounted an aggressive recruitment campaign through physical promotional meetings and social media platforms, particularly TikTok and Bon Chat.

Prospective investors were reportedly targeted in Machakos, Kitui and Makindu, where promotional meetings were organised at predetermined locations.

Following investigations, 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 arraigned on Wednesday, September 23, 2026, before the Kilimani 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 Sh200,000 bond as investigations and the court process continue.

The DCI has cautioned 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 have also been urged to verify the licensing status of investment entities with the relevant regulatory authorities before committing their funds.

The Kenyan DAILY POST.