Osun monarch faces COVID-19 fraud trial in US

The Apetu of Ipetumodu in Osun State, Joseph Oloyede has been taken into custody by the United States Federal Bureau of Investigation (FBI) for alleged conspiracy, wire fraud, and money laundering.

According to a statement by the US Department of Transportation on Monday, Oloyede and one Edward Oluwasanmi were indicted for allegedly obtaining over $4.2 million in COVID-19 relief funds guaranteed by the US Small Business Administration.

“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 loans and Economic Injury Disaster Loans,” the statement reads.

Oloyede and Oluwasanmi allegedly submitted false information and falsified tax and wage documents to support their applications.

They received a total of $2.9 million in SBA funds, with Oloyede obtaining an additional $1.3 million through other applications.

The case is being investigated by relevant US authorities, including the FBI and the Internal Revenue Service Criminal Investigation.