A Stamford man was arrested on Friday and charged with fraudulently obtaining nearly $2.9 million in Paycheck Protection Program loans and using some of the funds to buy luxury cars.

Moustapha Diakhate, 45, was charged Friday with bank fraud and wire fraud offenses related to the PPP scheme and was ordered detained, according to a statement from the U.S. attorney’s office.

Prosecutors allege Diakhate had an ownership or management interest in several small business entities, including Ansonia Developers LLC, Winsbay Inc., Buyers Association Group LLC, Washington Management LLC and Diakhate Capital Inc.

Beginning in May 2020, Diakhate allegedly provided Citibank with false and fraudulent information during the PPP loan application process so he could obtain PPP loans for each of the five businesses. The loans totaled $2,897,100, according to the U.S. attorney’s statement..

Diakhate then used a portion of the funds for various personal expenses, according to the statement, including to pay off a loan he had obtained for a 2010 Porsche Panamera Turbo and to purchase two more luxury cars, a Mercedes and BMW.

He also purchased a $50,000 certificate of deposit with PPP funds, the U.S. attorney’s office said, and disbursed funds to individuals unrelated to his business entities.