Joseph Oloyede, the Apetu of Ipetumodu, has been arrested by the FBI for his involvement in a $4.2 million COVID-19 relief fraud. Along with his co-conspirator, Edward Oluwasanmi, Oloyede used falsified information to acquire PPP and EIDL loans, facing charges of conspiracy, wire fraud, and money laundering.
Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been apprehended by the FBI over his involvement in a $4.2 million fraud scheme related to the U.S. COVID-19 relief funds. Oloyede, crowned in 2019, was absent from his duties for nearly a year, sparking concerns about his throne and missing cultural events.
The FBI’s investigation reveals that Oloyede, along with co-conspirator Edward Oluwasanmi, fraudulently acquired COVID-19 relief funds by submitting false information for Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). From April 2020 to February 2022, Oloyede reportedly secured over $4.2 million for businesses under his control and helped others execute similar fraudulent activities, including falsifying tax and wage documents. The pair received millions in SBA funds for their schemes. Oloyede has been charged with conspiracy, wire fraud, and money laundering, and is facing significant legal consequences.
