The Apetu of Ipetumodu, Oba Joseph Oloyede, has been taken into custody by the U.S. Federal Bureau of Investigation (FBI) over allegations of conspiracy, wire fraud, and money laundering linked to COVID-19 relief funds.
According to a statement from the U.S. Department of Transportation, Oloyede and Edward Oluwasanmi have been indicted for fraudulently obtaining over $4.2 million in relief funds provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The funds, guaranteed by the U.S. Small Business Administration (SBA), included:
Paycheck Protection Program (PPP) loans
Economic Injury Disaster Loans (EIDL)
The indictment alleges that the duo submitted falsified tax and wage documents to support their loan applications.
$2.9 million was received from SBA loans.
Oloyede allegedly obtained an additional $1.3 million through separate fraudulent applications.
The case is currently being investigated by the FBI and the Internal Revenue Service Criminal Investigation (IRS-CI). If convicted, Oloyede could face severe penalties under U.S. federal law.
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