Typescript baseUrl "./" not recognized

With tree structure:

.
├── main.ts
├── package-lock.json
├── package.json
├── tsconfig.json
└── utils
    ├── index.ts
    └── toUpper.ts

tsconfig.json:

{
  "compilerOptions": {
    "target": "es2016",
    "module": "commonjs",
    "forceConsistentCasingInFileNames": true,
    "strict": true,
    "skipLibCheck": true,
    "baseUrl": "."
  },
  "include": ["**/*.ts"],
  "exclude": ["node_modules"]
}

code:

// utils/toUpper.ts
export const toUpper = (str: string) => {
  return str.toUpperCase();
};

// utils/index.ts
export * from "./toUpper";

// main.ts
import { toUpper } from "utils"; // notice i am not using here ./utils but counting on typescripts baseUrl value
console.log(toUpper("madge"));

and when I run npx madge --ts-config ./tsconfig.json --extensions ts --warning --circular ./, I will get result

Processed 3 files (412ms) (1 warning)

✔ No circular dependency found!

✖ Skipped 1 file

utils

Why is my utils/index.ts skipped? I noticed if I change tsconfig's baseUrl to the result of pwd in the same dir as tsconfig.json, like so

    "baseUrl": "/Users/testing/typescript/madge"

then utils/index.ts won't be skipped and everything would work fine, or if I would restructure main.ts and utils inside src and set baseUrl to ./src it would also work fine.

How can I make madge with tsconfig's "baseUrl": "." to not skip utils?