County employee and teacher charged over popular QVSE ‘investment scheme’
Correspondent
Nation Media Group
A county employee and a primary school teacher have been charged with operating an unlicensed investment scheme and fraudulently inducing trading in securities.
Ruth Kimeu and Mary Mwangangi are accused of allegedly inducing members of the public to invest through Global Investment Group (GIG), operating under Quant Vest Stock Exchange (QVSE), without a licence from the Capital Markets Authority (CMA).
Ms Kimeu, an employee of the Machakos County, and Ms Mwangangi denied two counts of carrying out business of collecting investments and fraudulently inducing investment in securities.
They allegedly carried out the illegal business between January 1 and September 17, 2026.
Prosecutors allege that they got Kenyans to trade in securities through QVSE by publishing deceptive statements and making false promises.
Ms Kimeu and Ms Mwangangi are jointly charged with carrying out business investments without a licence, contrary to Section 23(2) as read with Section 34 (A)(i)(a) of the Capital Markets Authority (CMA).
The second indictment against the duo is that of fraudulent inducing trade in securities contrary to the CMA Act.
They pleaded not guilty on Wednesday at the Milimani Law Courts, claiming that “no money was lost.”
Ruth Kimeu and Mary Mwangangi in court on September 23, 2026.
Photo credit: Billy Ogada | Nation Media Group
Defence lawyers Japheth Mwalimu and Douglas Muumbi applied for their release on bond.
“They cooperated with police and CMA personnel during investigations,” Mr Mwalimu told the court.
He added that they were not a flight risk as their work stations and residences are known to both police and CMA officers.
Mr Mwalimu further informed the magistrate that other suspects before a Kitui Court were freed on bond of Sh100,000 with an alternative cash bail of Sh50,000
“Even though the decisions of a court of concurrent jurisdiction are not binding to this court, it is a pointer of the nature of the case before this one,” stated Mr Mwalimu.
Prosecuting counsel Hilary Isiaho did not oppose bail, but urged the magistrate to consider the gravity of the case and “grant bond terms commensurate with the weight of the matter before court.”
They were released on bond of Sh200,000 with an alternative cash bail of Sh100,000.
The case will be mentioned on October 7, 2026 for pre-trial directions.
Additional report by Billy Ogada
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