CMA asks public for crypto wallet details in Global Investment Group and QVSE probe

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The Capital Markets Authority (CMA) has asked anyone with records of cryptocurrency transfers to Global Investment Group and QVSE to hand them over, as investigators try to trace money collected by the two unregulated platforms.

In a notice headed “Call for Information” and posted on its official X account on Friday, the regulator said it is working with the Capital Markets Fraud Investigations Unit (CMFIU) on “investigations of unregulated entities including Global Investment Group and QVSE.”

“Any person who has information relating to the cryptocurrency wallet addresses associated with suspected fraudulent activities and transaction hashes/IDs linked to suspicious transfers by these entities is requested to share any information to support ongoing investigations,” the notice says.

Wallet addresses and transaction hashes are the identifiers that record who sent and received a crypto payment.

How to report

The CMA said information can be sent by email to complaints@cma.or.ke or through its whistleblower portal at cma.or.ke/whistle. The notice also carries a QR code that links to the reporting channel.

The regulator repeated its standing advice to investors. “The public is further urged to remain vigilant against suspicious investment platforms. Before investing they are advised to verify if the entities are licensed through https://licensees.cma.or.ke/,” it said.

The notice does not say how many people lost money, how much was collected, or whether anyone has been arrested or charged.

Fifteen entities flagged in September

Both platforms were already on the CMA’s radar. In a public caution dated September 11, the authority named 15 entities it said were “operating unlawfully and fraudulently soliciting funds from the public” by offering investment services in Kenya without a licence or approval.

The list was:

• Global Investment Group (GIG)
• QVSE
• Kore Exchange
• Abacus Wealth Management
• Brown Advisory Group
• B Invest
• Bitblock Capital Limited
• Maliwave Investments
• Monetrix Capital Investments
• Twenty-four Hours Pro expert Trader
• Wealth Sharing Group (Opticoin)
• CBEX
• Just Markets
• Ultima Cryptocurrency
• Lukman-trust fund

The CMA said at the time that the entities were “the subject of active investigations by the Directorate of Criminal Investigation in collaboration with the Capital Markets Authority and other law enforcement agencies.”

“The Authority strongly cautions the public against dealing with entities and persons disguising their fraudulent activities as investment opportunities,” the September statement said. It asked affected people to report to their nearest DCI office.

Reporting without giving a name

The whistleblower form on the CMA website marks the reporter’s name, employer, phone numbers and address as “Not Required”, which means people can pass on wallet addresses or transaction IDs without identifying themselves. The form also asks for optional details of up to two third parties who can verify an allegation.

The CMA’s online register of licensees groups approved firms by type, including stockbrokers, investment banks, fund managers, investment advisers, online foreign exchange brokers, REIT managers and approved collective investment schemes. Investors can search it by name before handing over money.

The new appeal narrows that effort to the crypto trail left by the two platforms and gives victims a direct line to the regulator’s own fraud unit.

Two days before the call for information, the CMA used the same X account to push its licensing check, telling followers to “always verify that an investment provider is licensed by CMA before investing.”