An Osun monarch thought be missing for almost a year now has been traced to Ohio, USA where he is being detained for allegedly defrauding the government of the United States.
Oba Joseph Oloyede the Apetu of Ipetumodu in Ife North Local Government Area of Osun State has been missing from his throne since March 2024 and his town folks who have been worried about his well-being were informed that he is facing charges brought against him by the US Federal Bureau of Investigation. He has been arraigned in the U.S. District Court for the Northern District of Ohio on 13 charges of fraud indictment.
According to U.S. court documents, Oba Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension. He was accused of falsely obtaining U.S. government of $4.2 million in COVID-19 relief funds.
The FBI accuses him of orchestrating a fraudulent scheme through his six registered companies, obtaining loans meant for struggling businesses during the COVID-19 pandemic.
In 2020, the U.S. government introduced financial aid programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support businesses affected by the pandemic.
However, loan applicants were required to submit tax records, wage statements, and other financial documents proving their eligibility.
Meanwhile, investigations revealed that Oba Oloyede who is also a US citizen allegedly falsified these documents and misused the funds for personal expenses, in violation of federal law.
FBI records show that in June 2020 alone, Mr. Oloyede secured over $100,000 in loans for four of his six companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation. On October 7, 2021, he received a $500,000 loan for JO&A, followed by another $500,000 loan two days later for Available Transportation.
Further investigations suggest that the monarch, an accountant by profession, assisted co-conspirators in executing 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.
On April 3, 2024, a grand jury in the U.S. District Court for the Northern District of Ohio indicted Mr. Oloyede alongside Edward Oluwasanmi for conspiracy, wire fraud, and money laundering.
