Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu, has been arrested in the U.S. for allegedly defrauding the government of $4.2 million in COVID-19 relief funds. His sudden disappearance in May 2024 raised concerns in his hometown, later revealed to be due to his arrest by the FBI upon arrival in the U.S.
The FBI accuses the monarch of using six registered companies to submit fraudulent loan applications, forging documents, and misusing funds meant for struggling businesses. Reports indicate he collaborated with accomplices, including Pastor Edward Abiodun Oluwasanmi, profiting from similar fraudulent schemes.
The king was apprehended in an FBI sting operation and has been in U.S. custody since. His prolonged absence has left Ipetumodu in uncertainty, prompting calls for intervention from the Osun State government. His fate now lies in the ongoing legal proceedings.
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