A Marietta, Georgia, man was recently arrested for allegedly defrauding a bank out of millions. | Unsplash
A Marietta, Georgia, man was recently arrested for allegedly defrauding a bank out of millions. | Unsplash
A Marietta, Georgia, man, Carl Delano Torjagbo, has been indicted by a federal grand jury on charges claiming he fraudulently obtained millions of dollars through a COVID-19 relief program for personal gain, according to a May 13 report by FOX 5 Atlanta.
Torjagbo, also known as Karl Lucius Delano, faces federal bank fraud and money laundering charges, the U.S. Attorney of Georgia's Northern District office announced last week.
"This defendant allegedly stole millions of dollars in taxpayer money intended to help small businesses stay afloat during the pandemic,” U.S. Attorney Ryan Buchanan told FOX 5 Atlanta.
Authorities claim Torjagbo created a fictitious company that defrauded a bank out of a $9.5 million Paycheck Protection Program loan in February 2021, according to the report. Business owners are currently eligible for PPP loans if their companies were in operation on Feb. 15, 2020, though Torjagbo’s fictitious company was created around 10 months after the deadline.
This comes as FOX 5 reports investigators allege Torjagbo provided the bank with false documents and reports, including tax returns and payroll listings, going so far as to create a fake number of 493 employees at the company and submit an average monthly payroll of $3.8 million.
After receiving the loan, authorities allege Torjagbo transferred $3 million by check from one bank to another, the report stated. After his arrest, authorities said Torjagbo used the funds on such expenditures as upkeep for his personal residence, luxury vehicles that included a BMW and Land Rover Velar and plastic surgery.
Buchanan told FOX 5 Atlanta his office will continue to investigate and charge anyone who fraudulently obtains funds for personal gain.
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