Carl Grindan, popularly known as 'Prof Carl', is behind a new investment scheme called Apollo, which is soliciting deposits from Kenyans. Grindan's previous scheme, QVSE, has been cited in court for fraud and has attracted over 12,000 Kenyan investors. The new scheme promises investors access to funds estimated to be close to Sh1 billion locked in QVSE accounts. Grindan is asking investors to deposit $400 into the new scheme, which he claims will allow them to access their frozen funds.
The new scheme, Apollo, is the latest venture by Grindan under his company Global Investment Group (GIG). QVSE and GIG have been under investigation by the Capital Markets Authority (CMA) and the Directorate of Criminal Investigations (DCI). Two local agents of QVSE were recently charged with fraudulently inducing trading in securities and operating an investment scheme without a licence from the CMA. The agents, Ruth Mueni Kimeu and Mary Katuma Mwangangi, denied the charges.
Grindan has given investors up to September 25 to deposit the $400 or lose their cash locked in QVSE accounts. He claims that the new scheme will transfer their frozen funds from QVSE to the new entity upon payment of the deposit. The scheme promises investors a daily return of $12. Grindan has sent messages to investors through a secretive text message app, BonChat, seen by the Business Daily.
QVSE had attracted thousands of Kenyans, including teachers, small-scale traders, professionals, and boda boda operators, with promises of large returns from trading in US stocks. The model relied on copy trading, where a signal provider like Grindan alerts investors to start trading using their digital capital. The investors' cash is stored in stablecoins, and they are expected to cash out via trading the cryptos on Binance.
The CMA has listed both QVSE and GIG among 15 entities operating illegally in Kenya and lacking permits to support their businesses. The regulator has warned the public against dealing with these entities and persons disguising their fraudulent activities as investment opportunities. However, Grindan has dismissed the regulator's warning, claiming that it lacks substance.
This is not Grindan's first failed scheme. His previous scheme, PCEX, used a similar copy-trading model and was shut down in 2025. PCEX encouraged members to recruit more people by awarding them bonus signal transactions to boost their account holdings. It is unclear how much money Kenyans lost in the scheme.
Grindan's LinkedIn profile picture has been found to be a photograph of a white, middle-aged Caucasian man, which was first uploaded on the internet in September 2021 under a Norway-based photographer's portfolio. Regulatory filings show GIG was incorporated in Colorado, United States, in June 2025, with Marc Hudon as its registered agent.
Key points
- Carl Grindan's new scheme, Apollo, is soliciting deposits from Kenyans to access frozen funds from his previous scheme, QVSE.
- The Capital Markets Authority has warned the public against dealing with QVSE and GIG, citing a lack of permits and fraudulent activities.
- Grindan's previous schemes, QVSE and PCEX, have been shut down due to allegations of fraud and lack of licences.
