Arrested For COVID Loan Fraud

NFL wide receiver Josh Bellamy was arrested Thursday after officials say he misused government loans intended to help struggling businesses survive the COVID pandemic on lavish items like Gucci, Dior and casino trips.

31-year-old Bellamy -- who was cut by the NY Jets just 2 days ago -- is essentially accused of participating in a scheme in which people applied for more than $24 MILLION in PPP loans, intended for business owners to help stay afloat during the pandemic.

But prosecutors say neither Bellamy nor his co-conspirators put the money toward their businesses -- instead, Bellamy blew a fortune on things like custom jewelry, designer clothes and casino trips.

In fact, officials say Bellamy…