Hundreds of millions of dollars spent in the Chicheng immigration fraud case has begun to be refunded

Hundreds of millions of dollars spent in the Chicheng immigration fraud case has begun to be refunded The "Chicago Convention Center" investment immigration case involving more than 200 Chinese investors...

It is reported that the "Chicago Convention Center Project" fraud case is the largest fraud case involving the largest number of people and the largest amount in the history of U.S. investment immigration. The amount involved reached more than 145 million US dollars, and 294 investors were defrauded, most of whom were Chinese investors.

On February 6 this year, the U.S. Securities and Exchange Commission sued the Chicago Convention Center, Chicago Intercontinental Regional Center Trust and its founder Sethi in the Northern District Court of Illinois. The lawsuit claims that Sethi falsely claimed that he would finance the construction of "the world's first zero-carbon emission" hotel and conference center near Chicago's O'Hare Airport. Investors could quickly obtain the opportunity to immigrate to the United States through the USCIS EB-5 immigrant investor program by purchasing shares of the Chicago Convention Center.

Sisi and his company charged each investor an investment of US$500,000 and a management fee of US$41,500. According to the regulations of the US Immigration Service, anyone who invests US$500,000 in a high-unemployment area in the United States and employs 10 local Americans every year will be eligible to become a US citizen in a few years.

The lawsuit claims that the land where the Chicago Convention Center investment project is located is owned by Sisi's real estate company, and the purchase price in 2008 was less than $10 million. The land was once valued at US$600,000 to avoid taxes, but in the materials submitted to the US Immigration Service, Sisi valued it at US$177 million. However, the vacancy rate of hotels near O'Hare Airport is high, the feasibility of Sisi's project is extremely low, and the valuation is obviously suspected of fraud.

This time, the Northern Illinois District Court made a ruling on the case on April 3, local time: If the parties raise no objections by April 17, the US$145 million investment of the 294 injured investors involved in the case will be fully refunded within 60 days from April 17.