A 16-year-old secondary school girl in Osun State (name withheld) has been defrauded of N326,000 she invested in a Ponzi scheme.

The girl was said to have been lured into the fraudulent quick-money scheme by a 19-year-old boy, Olaniyan Taoheed.

Luck, however, ran out on Taoheed as men of the Osun State Police arrested and dragged him before a Magistrate’s Court sitting in Osogbo on allegations of fraud.

The suspect, according to police prosecutor, Inspector Kayode Adepoju, posed as an investor and manipulated the teenage girl into repeatedly transferring money to him until it amounted to N326,000.

Taoheed was arraigned on Monday on a two-count charge bordering on obtaining money under false pretence and stealing, offences said to be contrary to Sections 419 and 390(9) of the Criminal Code, Cap 34 Vol. II, Laws of Osun State, 2003.

Adepoju informed the court that the young defendant acted with clear intent to defraud, adding that he fraudulently obtained the sum of ₦326,000 from the complainant’s family through a deceitful online investment scheme.

The complainant, Baruwa Augustine Oluwabukola, narrated to the court how the accused person gained access to her daughter through a school-related WhatsApp group before luring her into the fake investment scheme.

Oluwabukola explained that she had initially warned her daughter not to engage with the boy. “I told her to block him immediately because I knew it was a scam,” she said.

Despite the warning, the teenager allegedly transferred ₦2,000 from her personal account to the suspect after he promised a return of ₦25,000. When she demanded her profit, the suspect reportedly claimed that there was a problem with the platform and urged her to reinvest to unlock the returns.

The mother told the court that her daughter fell for the scam repeatedly, eventually transferring a total of ₦324,000 from her (mother) account to the suspect. “It was shocking to discover that the money had been going out in small portions until it added up to ₦324,000,” she said.

Inspector Adepoju added that investigations confirmed that the defendant received the funds and used deceptive tactics to convince the teenager to continue sending money. “He exploited her trust with false promises of quick profit,” the prosecutor told the court.

However, Taoheed told the court that he had refunded ₦200,000 to the prosecutor, adding that he had spent part of the remaining amount on a smartphone.

Presiding Magistrate, Olusegun Ayilara, assured the complainant that efforts would be made to recover the remaining money. “The court will ensure that the complainant receives her money back as the case proceeds,” the magistrate stated.

Ayilara, during his ruling, faulted the 16-year-old girl for seeking quick-money schemes and advised the mother to properly guide her daughter. He also condemned the young defendant’s actions, warning that fraudulent practices cannot replace hard work.

The magistrate granted Taoheed bail in the sum of N500,000 with a surety in the like amount and adjourned the matter till February 19.

Meanwhile, Ayilara ordered that the defendant be remanded in a correctional centre if the bail conditions are not met.