Two businesswomen, Ruth Mueni Kimeu and Mary Katuma Mwangangi, have been charged with allegedly operating a collective investment scheme without a licence from the Capital Markets Authority (CMA).

The two appeared before Chief Magistrate Gethi Kibiru on Wednesday, September 23, where they denied the charges.

The prosecution alleges that on diverse dates between January and September 2026, at an unknown place within the Republic of Kenya, the accused, jointly with others who have not been charged, carried out the business of a collective investment scheme through Quant Vest Stock Exchange Limited (QVSE), also referred to as Global Investment Group (GIG), without a licence issued by the CMA.

In the second count, the two are charged with fraudulently inducing trading in securities, contrary to Section 32H as read with Section 34A(1)(a) of the Capital Markets Act, Cap. 485, Laws of Kenya.

The prosecution alleges that between January 1, 2026, and September 17, 2026, within the Republic of Kenya, the accused, jointly with others not before the court, fraudulently induced members of the public to subscribe for and trade in securities through Quant Vest Stock Exchange Limited (QVSE)/Global Investment Group (GIG).

According to the particulars of the charge, the two allegedly published statements and made promises that were deceptive with the intention of inducing members of the public to invest and trade in securities through the entity.

The prosecution did not oppose the accused persons’ application for bail but asked the court to impose terms commensurate with the charges facing them.

Chief Magistrate Gethi Kibiru subsequently ordered each of the accused persons to deposit a cash bail of KSh100,000, with an alternative bond of KSh200,000.

The court directed that the matter be mentioned on October 7, 2026, for a pre-trial conference.