Sahadevan gained popularity on the social network TikTok with “investment advice” on cryptocurrencies and stocks. The well-known publication Business Insider even published an article with his predictions and strategies for trading cryptocurrencies in 2022. However, as it turned out, he “earned” for the beautiful life by fraud – he falsified tax returns and bank statements in order to receive payments from the state under COVID-19.<br
In all, he submitted 71 fraudulent applications for the Paycheck Protection Program (PPP), in which U.S. authorities issued loans to citizens who lost their jobs. The bids were $941,000, but he only received $146,000. He also received $284,000 in Economic Injury Loans (EIDL). Sahadevan laundered funds through stock market trading and cryptocurrencies;
He used the money to enrich himself and also helped his girlfriend. In February, during a search of the former Tiketoker’s home, police found 18 driver’s licenses registered in the names of outsiders. Sahadevan will have all funds obtained illegally confiscated. In addition, he will have to pay a fine of $430,000. The ticktocker faces 32 years in prison for fraud.
Earlier, the U.S. Commodity Futures Trading Commission (CFTC) sued five Americans for promoting the cryptocurrency scheme Icomtech.