Key Takeaways
- • The Capital Markets Authority (CMA) on Friday, October 16, 2026, appealed to the public for cryptocurrency wallet addresses, transaction hashes and identification numbers to support investigations into Global Investment Group and Quant Vest Stock Exchange (QVSE).
- • Two women have been charged over alleged operation of a collective investment scheme through QVSE and Global Investment Group without approval between January 1 and September 17, 2026.
- • Kenyan investors reportedly deposited hundreds of millions of shillings into the scheme, which promised returns of US$6 per trade on a US$500 deposit and US$12 on US$1,000, and which froze accounts and demanded further deposits.
- • The CMA has named QVSE and Global Investment Group among 15 entities it says operate unlawfully and solicit public funds without required licences.
- • Tips can be submitted via the CMA's official email address or whistleblower portal, and the regulator urged investors to verify licensing through its licensees directory.
Summary
The Capital Markets Authority is seeking public information to support investigations into unregulated entities, including Global Investment Group and Quant Vest Stock Exchange (QVSE). In a notice issued on Friday, October 16, the CMA said it was working with the Capital Markets Fraud Investigations Unit (CMFIU) and asked anyone holding information on cryptocurrency wallet addresses or transaction records linked to suspicious transfers by the entities to come forward. Requested material includes wallet addresses, transaction hashes and identification numbers that could help investigators trace blockchain transfers. Submissions can be sent to the CMA's official email address or its whistleblower portal, and the authority has published a QR code linking to the reporting channel.
The appeal follows charges against two women over the operations of QVSE and Global Investment Group. The CMA accused them of running a collective investment scheme without approval between January 1 and September 17, 2026, in a case involving allegations that Kenyan investors deposited hundreds of millions of shillings into an online platform. According to investors interviewed by Business Daily, they were told they were trading shares of US companies including Tesla and Apple. Depositors of US$500 were reportedly promised US$6 per trade, and those depositing US$1,000 were offered US$12 per trade. The platform later froze accounts and required additional deposits to reactivate them, according to the investors' accounts.
Concerns about QVSE predate the charges. On July 22, Ghana's Securities and Exchange Commission listed Quant Vest Stock Exchange among 23 entities it said were promoting unlicensed investment products. In August, the National Assembly's Finance and National Planning Committee was directed to investigate QVSE's licensing status, ownership and operations after Matungulu MP Stephen Mule raised concerns. According to technology publication Tech-ish, QVSE stopped allowing Kenyan users to withdraw funds on September 4, and the company was incorporated in Colorado in June 2025 for a US$500 filing fee. Its US money-services registration covered money transmission and foreign exchange dealing rather than operating a securities exchange. The CMA subsequently named QVSE and Global Investment Group among 15 entities it said were operating unlawfully and soliciting funds from the public without the required licences or approvals. The regulator has urged Kenyans to verify whether an entity is licensed before investing.
The appeal follows charges against two women over the operations of QVSE and Global Investment Group. The CMA accused them of running a collective investment scheme without approval between January 1 and September 17, 2026, in a case involving allegations that Kenyan investors deposited hundreds of millions of shillings into an online platform. According to investors interviewed by Business Daily, they were told they were trading shares of US companies including Tesla and Apple. Depositors of US$500 were reportedly promised US$6 per trade, and those depositing US$1,000 were offered US$12 per trade. The platform later froze accounts and required additional deposits to reactivate them, according to the investors' accounts.
Concerns about QVSE predate the charges. On July 22, Ghana's Securities and Exchange Commission listed Quant Vest Stock Exchange among 23 entities it said were promoting unlicensed investment products. In August, the National Assembly's Finance and National Planning Committee was directed to investigate QVSE's licensing status, ownership and operations after Matungulu MP Stephen Mule raised concerns. According to technology publication Tech-ish, QVSE stopped allowing Kenyan users to withdraw funds on September 4, and the company was incorporated in Colorado in June 2025 for a US$500 filing fee. Its US money-services registration covered money transmission and foreign exchange dealing rather than operating a securities exchange. The CMA subsequently named QVSE and Global Investment Group among 15 entities it said were operating unlawfully and soliciting funds from the public without the required licences or approvals. The regulator has urged Kenyans to verify whether an entity is licensed before investing.
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