The United States Federal Bureau of Investigation (FBI) arrested Joseph Oloyede, the Apetu of Ipetumodu in Osun state.
He faces charges of conspiracy, wire fraud, and money laundering. Oloyede became the monarch of Ipetumodu in 2019.
He frequently traveled between Nigeria and the United States for royal and personal matters.
His extended absence raised concerns, particularly after missing three important traditional festivals, including the annual Egungun festival and the Edi celebration.
Indictment Details
A grand jury indicted Oloyede and Edward Oluwasanmi for allegedly fraudulently obtaining over $4.2 million in COVID-19 relief funds.
The funds were under the U.S. Small Business Administration (SBA) programs, including Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
These funds were part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Fraudulent Activities
From April 2020 to February 2022, Oloyede and Oluwasanmi allegedly submitted false applications for PPP and EIDL loans. The applications were made for businesses they controlled.
Oloyede is accused of receiving $1.7 million, while Oluwasanmi received $1.2 million in SBA funds. Additionally, Oloyede allegedly submitted falsified applications for co-conspirators, receiving around $1.3 million. The total fraudulent amount exceeds $4.2 million.
Investigation and Legal Proceedings
The U.S. Department of Transportation, in collaboration with the FBI and the Internal Revenue Service Criminal Investigation Division, is investigating the case.
Authorities are following the fraudulent activities linked to Oloyede and his associates.
Oloyede and Oluwasanmi were arrested on April 5, 2024, as investigations into the scheme continue.
