February 8, 2013

US Investor Visa Scam from Chicago

US investor visa scam from Chicago.
250 Chinese investors invested $145 million in a hotel complex project and who also hoped to get US citizenship under the EB-5 Immigrant Investor Pilot Program.

Per the SEC 
Sethi and his companies used the lure of a pathway to U.S. citizenship to convince investors to wire a minimum of $500,000 apiece plus a $41,500 “administrative fee” to U.S. bank accounts. These administrative fees are separate from the investment capital that the EB-5 program requires to be deployed into a job-creating enterprise. More than $11 million in administrative fees were collected with the claim that they were fully refundable to investors if their visa applications are rejected. Sethi and his companies have instead been spending those funds.

The filing with the USCIS included a comfort letter from Hyatt Hotels and a financing letter from Qatar Investment Authority.

The lure of the project building World’s First Zero Carbon Emission Platinum LEED certified Hotel.

Tags: us investor visa scam, qatar investment authority financing scam, immigrant investor visa scam, eb-5 visa scam, irctc scam, accc scam