Denish Sahadevan, a well-known 31-year-old social media influencer, has recently confessed to a series of criminal offenses related to money laundering using cryptocurrency.
After a thorough investigation, the US Department of Justice (DoJ) discovered that Sahadevan fraudulently obtained over $1.2 million in government relief loans. This article dives into the details of his three-year criminal operation and the consequences he now faces.
Key Points:
- TikTok Star’s Criminal Activities Unearthed: On May 31, the DoJ announced that Denish Sahadevan, widely recognized as Danny Devan on social media platforms, admitted to committing wire fraud, aggravated identity theft, and money laundering.
- Lengthy Investigation Uncovers Fraudulent Scheme: After an extensive search of Sahadevan’s property in Potomac, the prosecutors uncovered evidence of his fraudulent activities, putting an end to his three-year criminal empire.
- Exploiting Relief Programs for Personal Gain: Sahadevan deceived lenders and the Small Business Administration (SBA) by submitting falsified documents, including fabricated tax forms and bank statements, to secure Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
- Ill-Gotten Gains and Money Laundering: The influencer managed to obtain $146,000 in PPP benefits and applied for additional EIDL loans, totaling $283,900, using his father as a co-signer. Sahadevan laundered the proceeds by investing in trading securities and cryptocurrencies, aiming to conceal the source of the funds.
- Unraveling Sahadevan’s Web of Deception: The DoJ reveals that Sahadevan used part of the fraudulently acquired money to pay off debts and cover expenses for a female friend. Additionally, he applied for a substantial loan without disclosing the previous EIDL loan, using the funds to purchase a property in Potomac.
- Social Media Stardom and Fallout: Prior to his criminal activities coming to light, Sahadevan had amassed an impressive following of 630,000 on TikTok. However, his recent actions are likely to have a detrimental impact on his online presence.
- Seizure of Evidence and Consequences: During the search, law enforcement officers recovered multiple devices, 18 driver’s licenses belonging to other individuals, a gold physical Bitcoin, and cash. As part of his plea agreement, Sahadevan will forfeit these assets and pay restitution of at least $429,906. Sentencing is scheduled for September 21, 2023, with potential penalties of up to 20 years in federal prison for wire fraud, ten years for money laundering, and a mandatory two years for aggravated identity theft.
