Editor's Review

Two women have been charged over allegedly operating an unlicensed collective investment scheme linked to Quant Vest Stock Exchange Limited (QVSE). 

Two women have been charged over allegedly operating an unlicensed collective investment scheme linked to Quant Vest Stock Exchange Limited (QVSE). 

In a statement on Wednesday, September 23, the Office of the Director of Public Prosecutions (ODPP) said the two suspects, Ruth Mueni Kimeu and Mary Katuma Mwangangi, appeared before Milimani Chief Magistrate Gethi Kibiru. 

The duo was charged with carrying out the business of a collective investment scheme without a licence issued by the Capital Markets Authority (CMA). 

The two were also charged with fraudulently inducing trading in securities by allegedly making deceptive statements and promises to members of the public.

“The Director of Public Prosecutions (DPP) has charged two women with allegedly operating an unlicensed collective investment scheme linked to Quant Vest Stock Exchange Limited (QVSE)/Global Investment Group.

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“Ruth Mueni Kimeu and Mary Katuma Mwangangi today appeared before Milimani Chief Magistrate Gethi Kibiru, where they were charged with carrying out the business of a collective investment scheme without a licence issued by the Capital Markets Authority,” read the statement in part. 

File image of the Office of the Director of Public Prosecutions. 

According to the ODPP, the two suspects, jointly with others, committed the offence on diverse dates between January 1 and September 17, 2026, at an unknown location within Kenya.

The charges follow investigations into reports that QVSE was recruiting Kenyans to invest in the European stock market through the entity.

Investigations revealed that prospective investors were required to contribute a minimum of Ksh 65,000 and obtain a referral from an existing member before joining the scheme. 

They were then required to create Binance accounts, convert funds into virtual assets and transfer them to a wallet address linked to QVSE.

“The scheme was allegedly promoted through social media platforms, physical meetings and exhibitions, including the Kisumu and Mombasa ASK shows. Kimeu is alleged to have booked and paid for a QVSE exhibition stall at the Kisumu ASK show,” ODPP stated. 

The two suspects pleaded not guilty to the charges and were released on a Ksh 200,000 bond. 

This comes a day after a Mombasa-based human rights defender was charged with trafficking two children. 

According to the DPP, the suspect allegedly ferried the two underage girls, 16 and 17, from their home in Kiembeni, Mombasa County to Kiambu County, where they were sexually exploited.

"Caleb Okumu Ngwena appeared before Shanzu Law Courts and was charged before Resident Magistrate Hon. Vincent Odhiambo with two counts of trafficking in persons, contrary to Section 3(3) as read with Section 3(5) of the Counter-Trafficking in Persons Act, Cap. 61, Laws of Kenya," the statement read in part.

Resident Magistrate Odhiambo heard that apart from trafficking the minors, the suspect allegedly also engaged in indecent acts with them. 

Ngwena pleaded not guilty to all charges and applied to the court to release him on reasonable bond terms - a request the prosecution opposed.

The court granted the accused bond of Ksh800,000 with one surety, or an alternative cash bail of Ksh500,000 with one contact person. The case will be mentioned on 1st October 2026.