Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State’s Ife North Council Area, has been accused by the US Federal Bureau of Investigation (FBI) of defrauding the US government of $4.2 million in COVID-19 scam.
The Apetu of Ipetumodu was accused of fabricating documents in order to obtain loans from the US government for COVID-19-affected enterprises.
The monarch, a U.S. citizen as well, is presently defending himself against a 13-count fraud accusation in the U.S. District Court for the Northern District of Ohio, according to Sahara Reporters.
A warrant for Oba Oloyede’s arrest was issued on May 4, 2024, according to US court documents that the platform referenced.
The FBI accused him of using his six registered businesses to get the loan. Tax returns, pay stubs, and other financial papers attesting to the loan applicants’ eligibility were needed.
Investigations revealed that Oba Oloyede allegedly fabricated these documents and misappropriated the funds for personal needs, which is against federal law, according to the report.
According to FBI documents, Mr. Oloyede obtained more than $100,000 in loans for four of his six businesses—available tax services, available tutors, available financial, and available transportation—in June 2020 alone. A $500,000 loan for JO&A and another $500,000 loan for Available Transportation were given to him on October 7, 2021, it stated.
The monarch allegedly charged co-conspirators with a percentage of the loan amount upon disbursement, assisting them in carrying out similar fraud schemes, according to further investigations.
Oloyede helped co-conspirators and confederate borrowers file and cause to be submitted loan applications for PPP and EIDL that contained fraudulent information, according to the statement.
Oba Oloyede and Edward Oluwasanmi were indicted by a grand jury in the U.S. District Court for the Northern District of Ohio on April 3, 2024, for conspiracy, wire fraud, and money laundering, the article also stated.
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Prosecutors said that the two fraudulently collected more than $4.2 million in SBA-guaranteed relief funding between April 2020 and February 2022.
The Oba is accused of falsifying applications for co-conspirators in order to obtain an additional $1.3 million and pocketing $1.7 million for his own companies.
The FBI, Internal Revenue Service Criminal inquiry, and the Office of Inspector General (DOT-OIG) of the U.S. Department of Transportation are conducting the inquiry as part of the Pandemic Response Accountability Committee (PRAC) Fraud Task Force, Sahara Reporters continued.
