During the raid in Danny Devan’s house, authorities found a physical Bitcoin.
Notable TikTok personality, Denish Sahadevan, recognized by his online alias Danny Devan, has confessed to committing wire fraud, aggravated identity theft, and money laundering with Bitcoin (BTC).
The news was revealed by the federal court records that were made public on May 31st and confirmed by the District of Maryland US Attorney’s Office press release.
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Danny Devan, who had cultivated a sizable following for his advice on cryptocurrency and stock investment on TikTok, was said to have deceived the US government and lending institutions for over $1.2 million in COVID-19 relief loans.
In the wake of COVID-19, the US government rolled out the CARES Act, offering financial aid to citizens financially affected by the pandemic. Devan was accused of exploiting the Paycheck Protection Programs (PPP) and Economic Injury Disaster Loans (EIDL) instituted by this Act.
In March 2020, Devan allegedly fabricated tax papers, as well as bank statements and used these to file PPP and EIDL applications through various Maryland-based businesses under his control. He also utilized an acquaintance’s information without consent to authenticate certain documents.
The influencer reportedly applied for 71 PPP loans, amounting to around $941,000, out of which he was granted $146,000. In addition, Devan managed to secure $238,000 from 8 EIDLs.
Utilizing the procured funds, Devan allegedly delved into securities and cryptocurrency trading. He used the money to settle personal loans and made a few transfers to his girlfriend.
In a striking move, Devan secured a loan of $1.3 million, concealing his debt of $283,000 acquired from EIDL benefits, and bought a luxury six-bedroom mansion in Potomac, Maryland.
However, his unlawful operations were brought to light on February 24th, 2023, with the police raid at his Potomac home. During the raid, the authorities discovered multiple driver’s licenses belonging to others, $17,000 in cash, and a physical gold Bitcoin (BTC).
It is worth noting that Sahadevan is currently waiting for his sentencing in Maryland. The man is potentially facing a maximum prison sentence of 20 years for wire fraud, ten years for money laundering, and a compulsory two years for aggravated identity theft.