(NAIROBI, KENYA) – Kenya’s Capital Markets Authority has warned the public against investing in 15 funds it says are operating illegally in the country, including two schemes that have drawn thousands of Kenyans in recent months.
The regulator named Global Investment Group and Quant Vest Stock Exchange among the unlicensed operators. It said the funds were operating without permits and approvals and were targeting the public with dubious investment opportunities.
“These entities are the subject of active investigations by the Directorate of Criminal Investigations 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 United States stocks. 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 had been promised returns from copy trading of US stocks, with some depositing hundreds of thousands of shillings into the platform. They 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.
The CMA’s list also includes Kore Exchange, Abacus Wealth Management, Brown Advisory Group, B Invest, Bitblock Capital Limited, Maliwave Investments and Monetrix Capital Investments. Others are Twenty-four Hours Pro Expert Trader, Wealth Sharing Group (Opticoin), CBEX, Just Markets, Ultima Cryptocurrency and Lukman-trust Fund.
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 artificial intelligence powered trading, referral bonuses and returns of up to 30% in 30 days before users reported that their accounts had been emptied.
The CMA directed affected investors to assist investigators by reporting the entities to their nearest Directorate of Criminal Investigations offices.
The warning adds to growing concern over unlicensed investment schemes in Kenya, where online platforms have increasingly used social media and messaging apps to reach retail investors. Regulators have repeatedly cautioned that such schemes often operate outside the oversight of licensed exchanges and can leave investors with little legal recourse when funds disappear.
Illegal Funds Flagged by Kenya’s Capital Markets Authority
| No. | Fund Name | Notes |
|---|---|---|
| 1 | Global Investment Group (GIG) | Operated the QVSE scheme; fronted by a person identifying as ‘Carl Grindan’ |
| 2 | Quant Vest Stock Exchange (QVSE) | Promised profits from copy trading of US stocks; also flagged in Ghana |
| 3 | Kore Exchange | Operating without permits or approvals |
| 4 | Abacus Wealth Management | Operating without permits or approvals |
| 5 | Brown Advisory Group | Operating without permits or approvals |
| 6 | B Invest | Operating without permits or approvals |
| 7 | Bitblock Capital Limited | Operating without permits or approvals |
| 8 | Maliwave Investments | Operating without permits or approvals |
| 9 | Monetrix Capital Investments | Operating without permits or approvals |
| 10 | Twenty-four Hours Pro Expert Trader | Operating without permits or approvals |
| 11 | Wealth Sharing Group (Opticoin) | Operating without permits or approvals |
| 12 | CBEX | Investors suffered losses in 2025 after promises of up to 30% returns in 30 days |
| 13 | Just Markets | Operating without permits or approvals |
| 14 | Ultima Cryptocurrency | Operating without permits or approvals |
| 15 | Lukman-trust Fund | Operating without permits or approvals |
Details:
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All 15 entities are the subject of active investigations by the Directorate of Criminal Investigations in collaboration with the Capital Markets Authority and other law enforcement agencies.
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The CMA has directed affected investors to report the entities to their nearest DCI offices.
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Ghana’s Securities and Exchange Commission also flagged QVSE among entities promoting unlicensed investment products in that country.