Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been arrested by the Federal Bureau of Investigations (FBI) over a $4.2 million COVID-19 alleged fraud case.
Oloyede had been the Apetu of Ipetumodu in Osun State for over 5 years and was always shuttling between Nigeria and the US due to royal and personal engagements.
However, he had been missing since May 2024 and missed out on several engagements a monarch like him should never miss out on, such as the annual ‘egungun festival and Edi celebration’.
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A statement was released by the US Department of Transportation in which it was revealed that a grand jury indicted Oba Joseph Oloyede and one Edward Oluwasanmi.
The statement reads, “The indictment alleges that Oba Joseph 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).
“Oloyede received $1.7 million, and Oluwasanmi received $1.2 million in SBA funds for their businesses.
“Oloyede obtained approximately $1.3 million through those applications, totaling at least $4.2 million obtained through the fraud.”
The indictment also claims that Oba Joseph Oloyede and Oluwasanmi used PPP and EIDL applications that contained false information to receive money from April 2020 to February 28, 2022.
They also allegedly submitted false tax and wage documents to support these applications.
Relevant US authorities are working with the FBI and the Internal Revenue Service Criminal Investigation on the case.
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