The Apetu of Ipetumodu, Joseph Oloyede, has been taken into custody by the United States Federal Bureau of Investigation (FBI) on charges of conspiracy, wire fraud, and money laundering. Oloyede, who was crowned as the monarch of Ipetumodu in 2019, frequently traveled between Nigeria and the US for “royal and personal engagements.” His prolonged absence from his kingdom, however, sparked concerns among indigenes.
The monarch’s throne was vacant for nearly a year, and he reportedly missed three major traditional festivals, including the annual ‘egungun festival’ and ‘Edi celebration.’ This raised eyebrows among his subjects.
A statement issued by the US Department of Transportation revealed that a grand jury had indicted Oloyede and one Edward Oluwasanmi for 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. According to the indictment, from April 2020 through February 28, 2022, Oloyede and Oluwasanmi submitted false PPP and EIDL applications for entities under their control. They also allegedly submitted falsified tax and wage documents to support these applications.
The US authorities, in collaboration with the FBI and the Internal Revenue Service Criminal Investigation, are investigating the case. Oloyede and Oluwasanmi were arrested on April 5, 2024. The investigation is ongoing, and the US authorities are working to uncover the extent of the alleged fraud. The indictment and arrest of the monarch have sent shockwaves through the community.
“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.”
The case has raised questions about the monarch’s activities and the source of his wealth. As the investigation continues, more details are expected to emerge about the alleged COVID-19 relief fund scam.
Source : https://www.thecable.ng/
