How Kenyans, especially teachers, lost money to QVSE, a scheme. Here is how many Kenyans were allegedly scammed.…

How Kenyans, especially teachers, lost money to QVSE, a scheme. Here is how many Kenyans were allegedly scammed. Thread below:

Now, let’s start with what QVSE was. QVSE was presented to investors as an online trading platform where people could make money by trading US stocks using signals sent by a person known as “Prof Carl”. Investors were asked to deposit at least $500, about Sh65,000, into their QVSE accounts.

After depositing the money, investors waited for trading signals from “Prof Carl” through an app called BonChat. The signals were presented as trades involving US companies such as Tesla and Apple.

Investors would follow the signals and were shown profits from the trades. According to Business Daily, a $500 deposit could generate about $6, or Sh777, from each trade.

There were two trading sessions a day, meaning someone with $1,000 could potentially make about Sh1,500 a day. This made the platform attractive to people looking for quick returns.

But there was also a recruitment element. Investors were encouraged to introduce other people to the platform, helping QVSE reach more Kenyans

Then, on September 5, 2026, things changed. QVSE froze some investors’ accounts. The platform accused some investors of creating multiple accounts to increase their trading limits.

Some investors were then asked to pay an additional Sh65,000 or Sh129,000 to verify and unlock their accounts. This meant some people who had already deposited money were being asked to send even more money before they could access their accounts.

The situation became more serious on September 12, 2026. The Capital Markets Authority warned that QVSE was not licensed to operate in Kenya. Despite the warning, “Prof Carl” rejected the warning and continued encouraging investors to deposit money

The promised withdrawal date was also pushed back by a week. But QVSE was not the first platform connected to “Prof Carl”.

A similar operation called PCEX had operated in Kenya in 2025 under the Global Investment Group, or GIG, banner. PCEX used a similar model.

Investors were asked to deposit $500 and follow trading signals shared by “Prof Carl”. They were also encouraged to recruit other people into the platform

In April 2025, PCEX announced that it was temporarily closing, citing internal issues and pending regulatory processes. Investors were told they would be able to withdraw their money in January 2026.

January 2026 came, but PCEX did not reopen as promised. Some investors were left unable to access their money.

The same name and photograph used by “Prof Carl” also appeared on both PCEX and QVSE. The photograph was traced to a Norwegian photographer’s portfolio, where it had been uploaded in 2021.

The Global Investment Group also had a large online following, with one Telegram group having more than 62,900 members. It is not clear how many of those members were Kenyan.

By 2026, the operation had returned with QVSE, attracting a new group of investors. For some investors, the process went from depositing money, receiving trading signals and seeing profits on their accounts to having their accounts frozen and being asked for more money to unlock them.

The Capital Markets Authority has warned Kenyans that QVSE is not licensed to operate in Kenya. The lesson is simple: before sending money to an online investment platform, check whether it is licensed by the relevant regulator.

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