Operatives of the Federal Bureau of Investigation (FBI) revealed that Joseph Oloyede the Apetu of Ipetumodu in Osun State was picked on alleged indictment in a conspiracy, wire fraud, and money laundering.
“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.
Oloyede was reported to be frequently travelled between Nigeria and the US for “royal and personal engagements”.
However, he has been missing for nearly a year and was absent at three major traditional festivals, including the annual ‘egungun festival and Edi celebration’.
The US department of transportation has now issued a statement, in which it was revealed that a grand jury indicted Oloyede and one Edward Oluwasanmi.
The documents showed that Oloyede and Oluwasanmi were arrested on April 5, 2024.
The indictment claims that from April 2020 to February 28, 2022, Oloyede and Oluwasanmi used PPP and EIDL applications which contained false information to receive monies.
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.
“Oloyede obtained approximately $1.3 million through those applications, totaling at least $4.2 million obtained through the fraud,” the statement added.
Relevant US authorities are working with the FBI and the Internal Revenue Service Criminal Investigation, on the case
