The Capital Markets Authority (CMA) has warned against investments in 15 funds illegally operating in Kenya, including the popular Global Investment Group (GIG) and Quant Vest Stock Exchange (QVSE).
The regulator said the funds were operating without permits and approvals, and targeted the public with dubious investment opportunities.
“These entities are the subject of active investigations by the Directorate of Criminal Investigation in collaboration with the Capital Markets Authority and other law enforcement agencies,” the CMA said.
“The Authority strongly cautions the public against dealing with entities and persons disguising their fraudulent activities as investment opportunities.”
QVSE has attracted thousands of Kenyans in recent months with promises of profits from trading US stocks.
Others listed by the CMA include Kore Exchange, Abacus Wealth Management, Brown Advisory Group, B Invest, Bitblock Capital Limited, Maliwave Investments and Monetrix Capital Investments.
The list also has Twenty-four Hours Pro Expert Trader, Wealth Sharing Group (Opticoin), CBEX, Just Markets, Ultima Cryptocurrency and Lukman-trust Fund.
The CMA directed affected investors to assist investigators by reporting the entities to their nearest Directorate of Criminal Investigations (DCI) offices.
QVSE investors had been promised returns from copy trading of US stocks, with some depositing hundreds of thousands of shillings into the platform.
The scheme operated through GIG and was fronted by a person identifying themselves as ‘Carl Grindan’, who communicated with investors through messaging platforms and online groups.
Investors were later told to deposit amounts equivalent to their original capital to ‘activate’ frozen accounts and regain access to their funds.
Some investors deposited the additional money, while others declined, saying they were not willing to risk more cash to unlock funds already showing in their accounts.
In July, Ghana’s Securities and Exchange Commission also flagged QVSE among entities promoting and offering unlicensed investment products in the country.
“The SEC is currently collaborating with Law Enforcement Agencies to clamp down on the people behind these entities and schemes,” the agency said in a public notice.
Some investors in CBEX suffered fund losses in 2025 after they were attracted by promises of high returns from cryptocurrency and forex trading.
The platform had promoted AI-powered trading, referral bonuses, and returns of up to 30 percent in 30 days before users reported that their accounts had been emptied.
