The missing Osun monarch, Apetu of Ipetumodu, Oba Joseph Oloyede has been reportedly found in the custody of the Federal Bureau of Investigation (FBI).

New Telegraph gathered that Oba Oloyede has been indicted for conspiracy, wire fraud, and money laundering by FBI operatives.

Recall that Oloyede was installed as the monarch of Ipetumodu in 2019 and frequently travelled between Nigeria and the US for “Royal and personal engagements”.

But he had declared missing for nearly a year and was absent at three major traditional festivals, including the annual ‘Egungun festival and Edi celebration’.

However, the United States Department of Transportation has now issued a statement, in which it was revealed that a grand jury indicted Oloyede and one Edward Oluwasanmi.

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“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 (PPP) loans and Economic Injury Disaster Loans (EIDLs),” the statement reads.

The documents showed that Oloyede and Oluwasanmi were arrested on April 5, 2024.

The indictment claims that from April 2020 to February 28, 2022, Oloyede and Oluwasanmi used PPP and EIDL applications which contained false information to receive monies.

They also allegedly submitted falsified tax and wage documents to support these applications.

“Oloyede received $1.7 million, and Oluwasanmi received $1.2 million in SBA funds for their businesses.

“Oloyede obtained approximately $1.3 million through those applications, totalling at least $4.2 million obtained through the fraud,” the statement added.

Relevant US authorities are working with the FBI and the Internal Revenue Service Criminal Investigation, on the case.