Oba, Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been arrested and detained by the U.S. Federal Bureau of Investigation (FBI) over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
TheNewsGuru understands that Indigenes of Ipetumodu had declared Oba Oloyede who frequented Nigeria and the US for “royal and personal engagements” missing in March 2024.
Oloyede who was crowned as the monarch of Ipetumodu in 2019 had reportedly missed three major traditional festivals, including the annual ‘egungun festival and Edi celebration’.
However, a statement issued by the US department of transportation accuses the monarch and his associate, Edward Oluwasanmi, of conspiracy, wire fraud, and money laundering.
According to U.S. court documents, the monarch was arrested on May 4, 2024, following an arrest warrant.
“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 partly reads.
The documents also indicated that the monarch and his associate, Oluwasanmi from April 2020 through February 28, 2022, 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.