31-year-old social media influencer Dennis Sahdevan has pleaded guilty to a series of criminal charges related to money laundering using cryptocurrencies.
US prosecutors have alleged that Sahadevan fraudulently obtained more than $1.2 million in government relief loans.
Three-year criminal empire brought down
On May 31, The US Department of Justice (DoJ) issued a press release Tik Tok Influencer Dennis Sahdevan has admitted to committing several criminal offences.
These crimes include wire fraud, serious identity theft and money laundering.
According to prosecutors, an extended search on the accused Potomac’s property after a three-year operation led to the discovery of his fraudulent activities.
Sahadevan, better known as Danny Devan social media platformHe was said to have defrauded lenders and the Small Business Administration (SBA) of over $1.2 million in Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) during a three-year criminal stint.
The DOJ said Sahadevan began his criminal activities in March 2020, when he submitted EIDL and PPP applications for four Maryland businesses he controlled.
To do this, he attached false and fabricated documents such as tax forms and bank statements.
Taking his criminal life even further, Sahadevan illegally obtained information about a tax preparer’s identity without his knowledge.
For his efforts, Sahadevan successfully received $146,000 in PPP benefits after previously applying for 71 such loans, which would have amounted to $941,000 if they had been granted.
He then applied for another set of eight EIDL loans totaling $283,900, in which he tricked his father into being a co-signer.
He also forged his father’s signature on the loan application.
As stated in the government release, Sahdevan deposited all the illegal proceeds in bank accounts previously created for the purpose.
Later, he laundered the money by investing in trading securities and cryptocurrencies to hide any traces.
Other than this, social media influencer Used some of the money to pay off his debts and meet some of his girlfriend’s expenses.
Not satisfied with his hit, Sahadevan applied for a loan of $1,336,000 from a financial institution between December 16, 2021 and January 10, 2022.
In the application, Sahadevan failed to mention an EIDL loan of $283,900 previously received from the US government and eventually awarded to him.
He proceeded to use the money to buy an estate in Potomac, Maryland.
Potential 32 years at Penn?
tiktok influencer It seems to be building a strong following on social media.
According to the report of Business InsiderSahadevan is said to have garnered 630,000 followers on TikTok at the height of his career.
After recent events, this number could potentially decrease.
Giving details about its discovery during the February 23, 2023 search, the US DoJ said that its officers recovered several devices.
These included several tools, a can containing 18 driver’s licenses from other individuals, physical bitcoin gold in a black case, and $17,043 in cash found at the individual’s Potomac residence.
As part of his plea agreement, Sahadevan will forfeit the cash, gold-plated bitcoin and pay restitution of at least $429,906.
The accused is scheduled to be sentenced Sept. 21, 2023 and could potentially face up to 20 years in federal prison for wire fraud, 10 years for money laundering and a mandatory two years for identity theft.