A former social media star from Potomac pleaded guilty to federal charges for scheming to obtain more than $1.2 million in COVID-19 Cares Act Loans.
31-year-old Denish Sahadevan, known as “Danny Devan” on TikTok, pleaded guilty to wire fraud, aggravated identity theft, and money laundering. These charges are related to his reported scheme to defraud lenders and the Small Business Administration of more than $1.2 million in Paycheck Protection Program “PPP” loans and Economic Injury Disaster Loans “EIDL.”
According to the plea agreement, beginning in March 2022, Sahadevan submitted applications with fraudulent documents on behalf of four Maryland entities. Prosecutors also claim Sahadevan used information belonging to a tax prepared he knew, without the person’s knowledge to legitimize his fabricated forms.
In his plea agreement, Sahadevan admitted to creating these documents in his Rockville home. Sahadevan also induced his father to become a co-signer and forged his signature for a EIDL loan. Sahadevan also applied and was approved a more than $1 million load to purchase property in Potomac.
As part of the plea agreement, Sahadevan will forfeit the cash and Bitcoin seized in the Potomac home in February. He will also be required to pay restitution and a money judgement of at least $429,906.
Sahadevan faces a maximum of 20 years in prison for wire fraud; a maximum of 10 years for money laundering; and a mandatory sentence of two years consecutive to any other sentence imposed for aggravated identity theft.
Sentencing is scheduled for Sept. 21.
