- Ruth Mueni Kimeu and Mary Katuma Mwangangi have been charged with operating an unlicensed investment scheme under QVSE and GIG.
- The prosecution has alleged that the accused made deceptive promises of stock trading profits, attracting thousands of investors.
- The court has granted each accused Sh100,000 cash bail, with the case set for mention on October 7, 2026.
Two businesswomen have been charged at the Milimani Law Courts over allegations of operating an unlicensed investment scheme that allegedly attracted members of the public with promises of profits from trading in global stocks.
Ruth Mueni Kimeu and Mary Katuma Mwangangi were arraigned on Wednesday, September 23, 2026, over the alleged operations of Quant Vest Stock Exchange Limited (QVSE), also trading as Global Investment Group (GIG).
The two appeared before Chief Magistrate Gethi Kibiru and pleaded not guilty to the charges.
Prosecution counsel Hillary Isiakho told the court that between January 1 and September 17, 2026, the accused persons, together with others who have not been charged, allegedly operated a collective investment scheme without the requisite authorisation from the Capital Markets Authority (CMA).
The prosecution further alleged that the two published misleading statements and made deceptive promises to members of the public to entice them into trading in securities. Investors were allegedly promised returns from trading in shares of major US companies, including Apple and Tesla, with trading signals reportedly shared through the BonChat application.
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The scheme is said to have attracted thousands of investors from different backgrounds, including teachers, civil servants, small-scale traders and boda boda operators.
However, the situation reportedly changed earlier this month after investors found their accounts frozen, leaving them unable to access their funds or process withdrawals. Some investors were allegedly asked to make additional deposits of up to Sh129,000, purportedly to facilitate account verification and withdrawal processing.
The alleged collapse of the scheme has left investors facing significant financial losses, with some reportedly unable to access their savings.
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The allegations are yet to be tested in court, and the two accused persons remain innocent unless proven guilty.
Chief Magistrate Kibiru granted each of the accused Sh100,000 cash bail or an alternative bond of Sh200,000.
The case will be mentioned on October 7, 2026, for a pre-trial conference.
By Jeff Kirui
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