Indian American From Chicago Indicted In Visa Fraud
Thursday, 28 August 2014, 23:07 IST
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Sethi also allegedly falsely represented that that the State of Illinois and the federal government were investing funds and providing tax credits for the project, including circulating a forged letter stating that the project qualified for financing through the Illinois Finance Authority.

He also falsely represented that the City of Chicago had agreed to provide approximately $97 million through Tax Increment Financing and distributed a fake agreement and a fake city ordinance as evidence that the project had been approved for TIF financing, the indictment alleges.

Sethi further falsely represented that the $41,500 administrative fee was fully refundable if the investors' EB-5 visas were not approved, even though he knew that he had spent nearly all of the administrative fees collected and did not have the resources to repay the investors.

Each count of wire fraud carries a maximum penalty of 20 years in prison and a $250,000 fine, or an alternate fine of twice the loss or twice the gain, whichever is greater, and restitution is mandatory.

Also Read:
U.S. Court Refuses To Dismiss Lawsuit Filed By Indian


Source: PTI