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Greenbelt, Maryland – Denish Sahadevan, aka “Danny Devan,” 32, of Potomac, a former social media influencer, has been sentenced to three years in federal prison for wire fraud, aggravated identity theft, and money laundering in connection with a scheme to fraudulently obtain over $1.2 million in COVID-19 CARES Act loans.

Key Points

• The fraud began in March 2020 when Sahadevan submitted fraudulent EIDL and PPP applications on behalf of four Maryland entities he controlled, often using fake documents like tax forms and bank statements.
• He used the identity of a tax preparer without consent to legitimize fabricated tax forms.
• Sahadevan admitted to creating false documents at his Rockville, Maryland home and applying for 71 PPP loans totaling approximately $941,794.75, successfully obtaining about $146,000 in PPP benefits.
• He applied for and received eight EIDLs totaling $283,900, fraudulently involving his father as a co-signer and forging his signature.
• Sahadevan engaged in money laundering by depositing the fraud proceeds into specific bank accounts and then using them for various personal expenses, including trading securities and cryptocurrency.
• Between December 16, 2021, and January 10, 2022, Sahadevan applied for a $1,336,000 loan to purchase a property in Potomac, Maryland, without disclosing the $283,900 debt from the fraudulent EIDL benefits.
• During a search warrant execution at Sahadevan’s residence on February 24, 2023, law enforcement recovered electronic devices, multiple driver’s licenses belonging to others, a gold physical Bitcoin, and approximately $17,043 in cash, all linked to the fraud scheme.
• In addition to Sahadevan's prison sentence, he will undergo three years of supervised release, and pay money judgments for restitution and forfeiture of cash and Bitcoin totaling $429,906. He has already provided a $100,000 check to the court as part of his restitution.