The Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede has been arrested by the Federal Bureau of Investigation (FBI) of United States after being indicted for conspiracy, wire fraud, and money laundering.
The monarch was crowned as the paramount ruler of Ipetumodu in 2019 but frequently travelled between Nigeria and the US for “royal and personal engagements.
The indigenes of Ipetumodu began raising concerns after his throne was vacant for nearly a year.
Oloyede had reportedly missed many traditional festivals within last year to this year, including the annual ‘egungun festival and Edi celebration.
In a statement issued by the US department of transportation, “The indictment alleges that Oloyede and Oluwasanmi fraudulently obtained over $4.2 million in COVID-19 relief funds guaranteed by the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs),” the statement reads.
Oloyede and Oluwasanmi were arrested on April 5, 2024.
According to the indictment, from April 2020 through February 28, 2022, Oloyede and Oluwasanmi submitted PPP and EIDL applications containing false information for entities under their control.
They also allegedly submitted falsified tax and wage documents to support these applications.
“Oloyede received $1.7 million, and Oluwasanmi received $1.2 million in SBA funds for their businesses,” the statement added.
“Additionally, Oloyede submitted falsified PPP and EIDL applications in the names of other co-conspirators and confederate borrowers and their businesses.
“Oloyede obtained approximately $1.3 million through those applications, totaling at least $4.2 million obtained through the fraud.”
The statement said relevant US authorities, in collaboration with the Federal Bureau of Investigation (FBI) and the Internal Revenue Service Criminal Investigation, are investigating the case
