Nigerian Pastor Edward Abiodun Oluwasanmi has been arrested by the FBI for conspiring with Osun monarch, Oba Joseph Oloyede, to defraud the U.S. government of $4.2 million in COVID-19 relief funds.
Oluwasanmi submitted forged documents to obtain loans meant to support struggling businesses during the pandemic, which he then diverted for personal use, violating U.S. federal laws, Peoples Gazette reports.
The pastor used his three companies, Dayspring Property Incorporated, Dayspring Holdings, and Dayspring Transportation, to secure millions of dollars in fraudulent loans.
He was indicted on a 13-count charge of fraud and arrested in Cleveland in April, before being released on a $20,000 bail.
Oluwasanmi’s questionable financial dealings also include a wire transfer of $221,880 in September 2020 to purchase a commercial property in Ohio.
The case against him is ongoing, with the FBI investigating the extent of his involvement in the fraud scheme.
According to the report, on October 26, 2021, he transferred $1 million in COVID-19 relief funds to a brokerage account belonging to Dayspring Transportation, his company.
Prosecutors have already seized approximately $620,000 from the Nigerian pastor and are seeking the forfeiture of both the confiscated sum and other assets acquired through fraudulent proceeds.
On April 5, 2024, the FBI seized $599,250 from Oluwasanmi’s Dayspring Transportation account with Fidelity Investments (ending in –5800). An additional $20,000 was confiscated from his Dayspring Property account (ending in –3548) at Key Bank on the same day.
Both his U.S. and Nigerian passports were seized to ensure his compliance with trial proceedings. His U.S. passport lists his name as Edward Olanrewaju Abiodun Oluwasanmi.
As part of his bail conditions, he faces immediate re-arrest if he fails to appear in court for his trial.
9news Nigeria reports that Joseph Oloyede, a Nigerian monarch from the Southwest region of the country, the Apetu of Ipetumodu, who was reported missing in March 2024, had been found in FBI custody.
He is facing serious charges of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
The Nigerian monarch, who is also a U.S. citizen, is currently battling a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio.
According to U.S. court documents, Mr. Oloyede was arrested on May 4, 2024, after a warrant was issued for his apprehension.
The FBI accuses him of orchestrating a fraudulent scheme through his six registered companies, obtaining loans meant for struggling businesses during the COVID-19 pandemic.
In 2020, the U.S. government introduced financial aid programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to support businesses affected by the pandemic.
However, loan applicants were required to submit tax records, wage statements, and other financial documents proving their eligibility.
Meanwhile, investigations revealed that Mr. Oloyede allegedly falsified these documents and misused the funds for personal expenses, in violation of federal law.
FBI records show that in June 2020 alone, Mr. Oloyede secured over $100,000 in loans for four of his six companies, including 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.
Further investigations suggest that the monarch, an accountant by profession, assisted co-conspirators in executing similar fraud schemes, charging them a percentage of the loan amount upon disbursement.
“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,” the indictment stated.
On April 3, 2024, a grand jury in the U.S. District Court for the Northern District of Ohio indicted Mr. Oloyede alongside Pastor Edward Oluwasanmi for conspiracy, wire fraud, and money laundering.
Prosecutors allege that from April 2020 to February 2022, the duo fraudulently obtained over $4.2 million in SBA-guaranteed relief funds.
Mr. Oloyede reportedly pocketed $1.7 million for his own businesses and another $1.3 million by submitting falsified applications for co-conspirators.
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