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How Kenyans lost millions in online investment scheme
A user tries to log in to the Quant Vest Stock Exchange (QVSE) App on September 14, 2026. The Capital Markets Authority (CMA) has blacklisted and warned the public against investing in QVSE, classifying it among illegal, unlicensed funds.
Things started falling apart when Edwin Mutuma woke up on September 7 to a notification on his QVSE mobile app telling him that his and fellow investors’ accounts had been frozen.
Just weeks earlier, the Laikipia-based hotelier had been watching his money grow on the online investment platform, convinced he had found a quick way to make money trading US stocks.
