By Gwurld4026 
FBI Custody: Osun Monarch Linked to $4.2 Million Fraud
Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, Nigeria, has been arrested by the U.S. Federal Bureau of Investigation (FBI) over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds. The monarch, who was declared missing in March 2024, is now facing a 13-count indictment at the U.S. District Court for the Northern District of Ohio. The charges include conspiracy, wire fraud, and money laundering.
According to U.S. court documents, Oba Oloyede was arrested on May 4, 2024. The indictment, filed on April 3, 2024, alleges that he and his associate, Edward 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. These funds included Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
The indictment details that between April 2020 and February 2022, Oba Oloyede and Oluwasanmi submitted PPP and EIDL applications containing false information for entities under their control. They also allegedly submitted falsified tax and wage documents to support these applications. Oba Oloyede reportedly received $1.7 million for his businesses and an additional $1.3 million by submitting falsified applications for co-conspirators, totaling at least $4.2 million obtained through the fraud.
Prior to his arrest, Oba Oloyede had been frequently traveling between Nigeria and the U.S. for royal and personal engagements. His prolonged absence from Ipetumodu since March 2024 had raised concerns among residents and indigenes, especially after he missed significant traditional festivals, including the annual Egungun and Edi celebrations.
The case is currently under investigation by the FBI, the Internal Revenue Service Criminal Investigation (IRS-CI), and the U.S. Department of Transportation’s Office of Inspector General (DOT-OIG), as part of the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.