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‘Missing’ Osun Monarch Detained by FBI Over Alleged $4.2M COVID-19 Fraud

gisthub Feb 18, 2025
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Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been arrested by the United States Federal Bureau of Investigation (FBI) after being indicted on charges of conspiracy, wire fraud, and money laundering.

Oloyede, who was crowned in 2019, regularly traveled between Nigeria and the U.S. for what he referred to as royal and personal engagements.

His extended absence left the Ipetumodu throne vacant for nearly a year, which raised concerns among the community, especially as he missed three major traditional festivals, including the annual Egungun Festival and Edi Celebration.

“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.

The indictment reveals that between April 2020 and February 2022, Oloyede and Oluwasanmi submitted fraudulent PPP and EIDL applications for entities under their control. They are accused of submitting 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.”

Further investigations indicate that the monarch, who is an accountant by profession, helped co-conspirators carry out similar fraud schemes, charging them a percentage of the loan amount upon disbursement.

“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,” the indictment stated.

The U.S. Attorney’s Office for the Northern District of Ohio announced 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.

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