The Insolvency Service said Ojelabi had received the funds through the Bounce Back loan scheme, external, which was set up in April 2020 with the aim of keeping small businesses afloat during the pandemic.
Ojelabi said his company was an e-commerce venture and would buy and sell goods from various warehouse premises.
Money paid in loans was transferred to Ojelabi’s personal account within eight days, the Insolvency Service added.
In interviews, Ojelabi accepted he took out the Bounce Back loans but denied this was done fraudulently.
Platinum Gates Limited, which was set up in 2018, with Ojelabi as the sole director, went into liquidation in 2021, with both loans unpaid, the Insolvency Service said.