After Missing for Two Years: Apetu of Ipetumodu, Oba Joseph Oloyede, Found in FBI Custody for $4.2 Million Scheme.

After Missing for Two Years: Apetu of Ipetumodu, Oba Joseph Oloyede, Found in FBI Custody for $4.2 Million Scheme.

The Apetu of Ipetumodu, Oba Joseph Oloyede, who went missing in March 2024, has been found in FBI custody.

He is accused of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.

Oba Oloyede was arrested in May 2024 and is facing multiple charges related to the fraudulent scheme.

Here’s how it happened:

Fraudulent Scheme: Oba Oloyede allegedly orchestrated a scheme involving six registered companies to fraudulently secure loans intended for businesses impacted by the COVID-19 pandemic.

Falsified Documents: He is accused of falsifying documents to apply for loans under programs like the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP).

Misuse of Funds: The funds obtained were reportedly misappropriated for personal use, breaking federal laws.

Arrest: Oba Oloyede was arrested upon his return to the U.S., where he resides with his family.

According to reports, the case is still ongoing, with the king facing multiple charges concerning the fraudulent activities.

Oba Joseph Oloyede, the Apetu of Ipetumodu, is married and has children, though specific details about the number of his wives and children have not been widely publicized.

Regarding the social media buzz about his whereabouts, Oba Oloyede has not been released and remains in FBI custody while facing multiple charges related to the ongoing criminal case.

The FBI has documented the allegations and the charges against him, include conspiracy, wire fraud, and money laundering.

According to FBI records, in June 2020, Oba Joseph Oloyede secured over $100,000 in loans for four of his six companies:

Available Tax Services, Available Tutors, Available Financial, and Available Transportation.

On October 7, 2021, he received a $500,000 loan for JO&A, followed by another $500,000 loan two days later for Available Transportation.

It was later discovered that the loans were based on fraud, according to reports.

Oba Joseph Oloyede is scheduled to appear in court on April 3, 2025, at the U.S. District Court for the Northern District of Ohio.

He is facing a 13-count indictment for his alleged involvement in the fraudulent scheme.

To our U.S. readers, “Oba” is a title in the Yoruba language.

In the Yoruba dialect, it simply means “king,” which is why the title “Oba” appears before Oba Joseph Oloyede’s name.