{"id":17312,"date":"2023-06-02T13:37:26","date_gmt":"2023-06-02T17:37:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tiktok-influencer-uses-bitcoin-to-launder-fraudulent-covid-relief-funds\/"},"modified":"2023-06-02T13:37:27","modified_gmt":"2023-06-02T17:37:27","slug":"tiktok-influencer-uses-bitcoin-to-launder-fraudulent-covid-relief-funds","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17312","title":{"rendered":"TikTok Influencer Uses Bitcoin to Launder Fraudulent COVID Relief Funds"},"content":{"rendered":"
\n

Denish Sahadevan, a 31-year-old social media influencer, has pleaded guilty to a series of criminal charges related to money laundering using cryptocurrency.\u00a0<\/p>\n

The US prosecutors have alleged that Sahadevan fraudulently obtained more than $1.2 million in government relief loans.<\/p>\n

Three-Year Criminal Empire Brought Down<\/h2>\n

On May 31, the US Department of Justice (DoJ) issued a press release<\/u> stating that Denish Sahadevan, a TikTok influencer, has admitted to committing several criminal offenses.\u00a0<\/p>\n

These offenses include wire fraud, aggravated identity theft, and money laundering.<\/p>\n

According to the prosecutors, an extended search on the accused Potomac\u2019s property led to the discovery of his fraudulent activities after three years of operation.<\/p>\n

Sahadevan, better known as Danny Devan on social media platforms, was said to have defrauded lenders and Small Business Administration (SBA) of more than $1.2 million in Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) during a three-year criminal stint.\u00a0<\/p>\n

The DoJ said that Sahadevan began his criminal activities in March 2020 after he submitted EIDL and PPP applications for four Maryland businesses he controlled.\u00a0<\/p>\n

To do this, he attached fraudulent and fabricated documents such as tax forms and bank statements.\u00a0<\/p>\n

Racking up his criminal resume even further, Sahadevan also illegally obtained the identity information of a tax preparer without their knowledge.<\/p>\n

For his efforts, Sahadevan successfully obtained $146,000 in PPP benefits after previously applying for 71 such loans, which would have amounted to $941,000 if they had been granted.\u00a0<\/p>\n

He then applied for another set of eight EIDL loans totaling $283,900, wherein he deceived his father into being a co-signer.\u00a0<\/p>\n

He also forged his father\u2019s signature on the loan application.\u00a0<\/p>\n

As stated in the government release, Sahadevan deposited all the ill-gotten proceeds into bank accounts previously created for that purpose.<\/p>\n

Afterward, he laundered the money by investing in trading securities and cryptocurrencies to hide any trace.\u00a0<\/p>\n

Furthermore, the social media influencer used some of the money to pay off his debts and cover some of his female friend\u2019s expenses.<\/p>\n

Not satisfied with his hit, Sahadevan proceeded to apply for a loan for $1,336,000 from a financial institution between December 16, 2021, and January 10, 2022.\u00a0<\/p>\n

In the application, Sahadevan failed to mention the EIDL loan of $283,900 he received from the US government earlier on and was eventually granted the amount.\u00a0<\/p>\n

He proceeded to use the funds to purchase a property in Potomac, Maryland.\u00a0<\/p>\n

Potential 32 Years in the Pen?<\/h2>\n

The TikTok influencer seemed to have been building a strong following on social media.\u00a0<\/p>\n

According to a Business Insider report<\/u>, Sahadevan was said to have racked up a neat 630,000 followers on TikTok at the height of his career.\u00a0<\/p>\n

Following recent events, this number could potentially plummet.<\/p>\n

Giving insights as to its discovery during its February 23, 2023 search, the US DoJ said its officers recovered multiple devices.<\/p>\n

These include multiple devices, a can containing 18 driver\u2019s licenses belonging to other individuals, a gold physical Bitcoin in a black case, and $17,043 in cash found in the individual\u2019s Potomac residence.<\/p>\n

As part of his plea agreement, Sahadevan will forfeit the cash, the gold-plated Bitcoin, and pay restitution of at least $429,906.<\/p>\n

The accused is scheduled for a September 21, 2023 sentencing and could potentially face 20 years in federal prison for wire fraud, ten years for money laundering, and a mandatory two years for aggravated identity theft.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Denish Sahadevan, a 31-year-old social media influencer, has pleaded guilty to a series of criminal charges related to money laundering using cryptocurrency.\u00a0 The 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 […]<\/p>\n","protected":false},"author":1,"featured_media":17313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-17312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nTikTok Influencer Uses Bitcoin to Launder Fraudulent COVID Relief Funds | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Denish Sahadevan, a 31-year-old social media influencer, has pleaded guilty to a series of criminal charges related to money laundering using\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=17312\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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