The FBI has placed the'missing' Osun monarch in custody for allegedly fraudulently obtaining $4.2 million in COVID-19.

 
Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been taken into custody by the United States Federal Bureau of Investigation (FBI) after being indicted for conspiracy, wire fraud, and money laundering.

 

Oloyede, who was crowned in 2019, frequently visited both Nigeria and the U.S. for what he called royal and personal reasons. His prolonged absence left the throne of Ipetumodu vacant for nearly a year, raising concerns among indigenes as he missed three major traditional festivals, including the annual Egungun Festival and Edi Celebration.

 

According to a statement released by the U.S. Department of Transportation, a federal grand jury has charged Oloyede and Edward Oluwasanmi with conspiracy, wire fraud, and money laundering.

 

According to the indictment, Oloyede and Oluwasanmi gained over $4.2 million in COVID-19 relief funds that were guaranteed by the United States through fraud. 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), is the statement reads.

 

According to the indictment, Oloyede and Oluwasanmi submitted PPP and EIDL applications from April 2020 to February 2022 that contained false information for entities under their control. Allegedly, they submitted false tax and wage records to support these applications.

 

Oloyede received $1.7 million and Oluwasanmi received $1.2 million in SBA funds for their businesses, according to the statement.

 

Furthermore, Oloyede submitted false PPP and EIDL applications under the names of other conspirators and confederate borrowers and their businesses. Approximately $1.3 million was obtained by Oloyede through those applications, with a total of at least $4.2 million obtained through fraud.

 

Further investigation suggests that the monarch, who was an accountant by trade, helped co-conspirators execute similar fraud schemes, charging them a percentage of the loan amount when it was disbursed.

 

According to the indictment, Oloyede helped his co-conspirators and confederate borrowers submit and bring forward PPP and EIDL loan applications that contained false information.

 

The U.S. Attorney's Office for the Northern District of Ohio disclosed that Oloyede and Oluwasanmi have been charged with conspiracy to commit wire fraud, wire fraud, and money laundering offenses.

 

“The investigation is being conducted by the FBI, Internal Revenue Service Criminal Investigation, and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG), under the Pandemic Response Accountability Committee (PRAC) Fraud Task Force,” the statement added.

 

Oloyede was arrested on May 4, 2024, after a warrant was issued for his arrest.