What was found
(CAN) SHORTLY AFTER T/O, THE ENGINE CHIP LIGHT CAME ON FOLLOWED BY POWER LOSS. THE PILOT INDICATED THAT HE COULD ONLY OBTAIN 10PSI OF TORQUE. EMERGENCY WAS DECLARED AND THE A/C RETURNED TO THE DEPARTURE AIRPORT WHERE AN UNEVENTFUL LANDING WAS MADE. UPON ENGINE SHUT DOWN, THE PROPELLER STOPPED IMMIDIATELY AND REMAINED LOCKED DURING POST FLIGHT INSPECTION.