Indian-origin person Anshoo Sethi, charged in US green card investment fraud
- Kashmir: 3 militants dead after attack at army camp in Handwara, medicines with Pak marking recovered
- The whitewash: Probe alleges Rohith Vemula's mother faked Dalit status, blames him for his suicide
- BCCI refute allegations of non-compliance with Lodha panel in Supreme Court
- Jayalalithaa's health: Madras HC dismisses petition, says filed for publicity, political reasons
- Government study finds toxins in PET bottles of 5 soft drink brands
US markets regulator SEC has charged an Indian-origin person of running a fraud investment scheme, wherein Chinese investors and other investors were allegedly duped of at least $150 million (over Rs 800 crore) in hope of green-card American residency.
The Securities and Exchange Commission (SEC) said in a statement that a district court has granted it a "temporary restraining order and asset freeze" against 29-year old Anshoo Sethi and two of his companies involved in running this fraudulent scheme, as its investigations continue further.
As per SEC's charges, Illinois-based Sethi created two entities, namely A Chicago Convention Center (ACCC) and Intercontinental Regional Center Trust of Chicago (IRCTC), and fraudulently sold more than USD 145 million in securities and collected USD 11 million in administrative fees from more than 250 investors primarily from China.
Sethi and his companies duped investors into believing that by purchasing interests in ACCC, they would be financing construction of the "World's First Zero Carbon Emission Platinum LEED certified" hotel and conference centre near Chicago's O'Hare Airport, SEC said.
"Investors were misled to believe their investments were simultaneously enhancing their prospects for US citizenship through the EB-5 Immigrant Investor Pilot Program, which provides foreign investors an avenue to US residency by investing in domestic projects that will create or preserve a minimum number of jobs for US workers," it added.
According to the SEC's complaint filed in US District Court for the Northern District of Illinois, the EB-5 program enables foreign investors to possibly qualify for a green card if they invest USD 1 million (or USD 500,000 in a Targeted Employment Area with a high unemployment rate) in a project that creates or preserves at least 10 jobs for US workers, excluding the investor and his or her immediate family.
SEC's complaint further said that 29-year-old Sethi claimed to have "over fifteen years of experience in real estate development and management", while the project's
- Revealing Elena Ferrante’s identity violates her desire for privacy
- Breakdown of LoC ceasefire will make it difficult for army to control infiltration
- Academic publishers suit shows how much they benefitted from intellectual commons
- Lack of unity has prevented Sindhi nationalists from pressuring Islamabad
- India must be prepared to deal with a disease that is growing globally
- Challenge for India’s leaders is to show that strength can be blended with subtlety & deftness