Two women linked to Quant Vest Stock Exchange (QVSE), also known as Global Investment Group, have been arrested and charged over an alleged unlicensed investment scheme in Kenya.

Detectives from the Capital Markets Fraud Investigation Unit (CMFIU) say the outfit was a pyramid scheme.

The arrests followed intelligence received by the Capital Markets Authority (CMA).

It indicated that the entity was allegedly running a fraudulent pyramid scheme, where participants were rewarded with bonuses and other financial incentives for bringing in new members.

Preliminary investigations suggest the scheme relied largely on constant recruitment of new participants, rather than on any identifiable legitimate investment or business activity.

Investigators allege that money received from investors was converted into virtual assets and sent to unidentified recipients.

This has made it difficult to trace where the funds went and to establish who ultimately benefited.

Social Media recruitment

The scheme is believed to have run an aggressive recruitment drive, combining physical promotional campaigns with social media pushes, particularly on TikTok and Bon Chat. Investigators say prospective investors were targeted in Machakos, Kitui and Makindu, where promotional meetings were reportedly held at predetermined venues to draw in new members.

After what detectives describe as a thorough investigation, CMFIU officers arrested: Ruth Mueni Kimeu, believed to be QVSE’s representative for Machakos County, Mary Katuma Mwangangi, the entity’s representative in Kitui County.

The two were arraigned on Wednesday, September 23, 2026, at the Kilimani Chief Magistrate’s Court.

They face charges of carrying out the business of a collective investment scheme, and of fraudulently inducing members of the public to trade in securities by publishing false and misleading information.

Both pleaded not guilty and were released on a Sh200,000 bond each, as investigations and the court process continue.