• Denish Sahadevan, a 31-year-old TikTok influencer, has pleaded guilty to a series of criminal charges including wire fraud and money laundering.
• US prosecutors allege that he fraudulently obtained more than $1.2 million in government relief loans by submitting fraudulent documents and illegally obtaining the identity information of a tax preparer.
• Sahadevan then laundered the money by investing in trading securities and cryptocurrencies to hide any trace.
Denish Sahadevan Pleads Guilty
Denish Sahadevan, a 31-year-old social media influencer better known as Danny Devan on TikTok, has pleaded guilty to numerous criminal charges related to wire fraud and money laundering. The US Department of Justice (DoJ) released a press statement confirming the accusation against him for his involvement in defrauding lenders and Small Business Administration (SBA) of more than $1.2 million in Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
Fraudulent Activities Unveiled
The extended search on the accused Potomac’s property led to the discovery of his fraudulent activities after three years of operation. It was alleged that Sahadevan had submitted EIDL and PPP applications for four Maryland businesses he controlled using fabricated documents such as tax forms and bank statements along with illegally obtaining the identity information of a tax preparer without their knowledge. This resulted in him receiving $146,000 in PPP benefits from 71 loan applications amounting to $941,000 if granted followed by eight EIDL loans totaling $283,900 wherein he faked his father’s signature as co-signer. All proceeds were deposited into bank accounts previously created for this purpose before being laundered through investments in trading securities and cryptocurrencies with some used to pay off debt and cover expenses for female friends.
Attempted Loan Application
Sahadevan attempted one last crime when he applied for another loan from a financial institution between December 16, 2021, and January 10, 2022 worth $1,336,000 without mentioning any details about previous fraudulent activities or loan payments made already. Fortunately this application was declined by the lender due to discrepancies found within it which sparked further investigation leading up to this confession admission plea from Sahadevan himself who is now facing jail time along with other consequences from his actions according to DoJ reports.
Penalties Faced
It is yet unclear what penalties Sahadevan will face but it is likely that it will include substantial fines along with prison time as per regulations set out by DoJ guidelines for such offenses committed under jurisdiction within the United States legal system framework meaning there is no escape from justice no matter how much effort was put into hiding ill gotten gains through cryptocurrency investments or other means like offshore accounts etcetera .
Conclusion
In conclusion Denish Sahadeva has admitted guilt over multiple criminal charges related ti wire fraud , aggravated identity theft & money laundering while attempting defraud lenders & SBA out of more than 1 . 2 million dollars in PPP & EIDL loans over 3 year period . He faces potential jailtime & hefty fines upon sentencing which are surety be carried out due US federal regulations .