A 50-year old woman, Adeyemo Taiwo has been arrested in Lagos, after she obtained a loan from Microfinance bank and was said to have used the money to maintain her beauty.
It was reported that the loan was obtained at the office of the City Gate Global Investment Limited located at Igando Road in Ikotun Lagos.
It was gathered that Taiwo created fake cooperatives of 13 members and applied to the bank for loan through a staff identified as Motunrayo Rafiu for beneficiaries.
The company eventually granted the loan and handed the money to her as their leader.
However, after she had collected the loan, she converted the money, reportedly used it to maintain herself and solved other problems. She did not even give any money to the beneficiaries nor refund the money to the bank on the agreed period.
It learnt that when the bank asked for their money, she was unable to pay back and the company then discovered that she did not give any money to the beneficiaries.
The alleged fraud was reported to the police at Ikotun Division; she was asked to refund the money and was unable to do so because she had already spent the whole money.
It was gathered that the suspect was charged before the Ejigbo Magistrates court in Lagos.
She pleaded not guilty.
The prosecutor, Supol Kenneth Asibor did not object her bail. Thus, the Presiding Magistrate, Mr. T.O. Shomade granted her bail in the sum of N500,000 with two sureties in like sum.
She was remanded in prison custody pending when she will perfect her bail condition. The matter was adjourned till 16 June, 2018.