Joseph Oloyede, the Southwest Nigerian king Apetu of Ipetumodu, was found in FBI custody after going missing in March 2024.
He faces significant charges of cheating the U.S. government of $4.2 million in COVID-19 relief funding.
The Nigerian monarch, a U.S. citizen, faces a 13-count fraud accusation in the Northern District of Ohio.
A warrant led to Mr. Oloyede’s arrest on May 4, 2024, according to U.S. court filings.
He is accused by the FBI of using his six registered firms to fraudulently secure loans for struggling businesses during the COVID-19 outbreak.
The U.S. government launched the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) in 2020 to help pandemic-affected businesses.
Loan applicants had to provide tax records, wage statements, and other financial documentation to prove eligibility.
Investigations found that Mr. Oloyede fabricated these records and used the funds for personal needs, violating federal law.
Four of Mr. Oloyede’s six companies—Available Tax Services, Available Tutors, Available Financial, and Available Transportation—received over $100,000 in loans in June 2020, according JO&A and Available Transportation received $500,000 loans on October 7 and 8, 2021, respectively.
According to further investigations, the monarch, an accountant, helped co-conspirators commit similar fraud schemes by charging them a percentage of the loan amount upon delivery.
Mr. Oloyede and US-based Ngerian Pastor Edward Oluwasanmi were charged by a Northern District of Ohio grand jury for conspiracy, wire fraud, and money laundering on April 3, 2024.
They stole nearly $4.2 million in SBA-guaranteed relief funding from April 2020 to February 2022, according to prosecutors.
Pastor Oluwasanmi was arrested for plotting with Osun monarch Oba Joseph Oloyede to steal $4.2 million in COVID-19 relief monies.
Peoples Gazette alleges that Oluwasanmi fabricated paperwork to acquire pandemic loans for faltering firms and used them for personal gain, breaching U.S. federal statutes.
The pastor obtained millions in bogus loans through Dayspring Property Incorporated, Dayspring Holdings, and Dayspring Transportation.
Accused with 13 counts of fraud, he was arrested in Cleveland in April and released on $20,000 bail.
A September 2020 wire transfer of $221,880 to buy an Ohio business property is another problematic financial transaction by Oluwasanmi.
He is being investigated by the FBI for his fraud activities.
The investigation states that he deposited $1 million in COVID-19 relief monies to his company Dayspring Transportation’s brokerage account on October 26, 2021.
Authorities have seized $620,000 from Oluwasanmi and want to forfeit it and other assets obtained through fraud.
The FBI took $599,250 from Oluwasanmi’s Fidelity Investments Dayspring Transportation account on April 5, 2024. On the same day, Key Bank seized $20,000 from his Dayspring Property account (–3548).
To comply with judicial proceedings, his U.S. and Nigerian passports were taken. He is Edward Olanrewaju Abiodun Oluwasanmi on his U.S. passport.
If he misses his trial, he will be arrested immediately under his bail.