A home and a firm that are believed to be linked to a $50 million permit fraud program have been ransacked and scoured by officials from the United States criminal investigation unit. This scheme is believed to have enriched around 100 citizens in China.
Officials state that the prime suspects involved in the crime assisted rich individuals from China in getting a permanent residential permit in the United States in return for huge rewarding investments.
A document made available by law enforcement agencies handling the case shows that the suspect, a lawyer, persuaded over 100 citizens of China to put in more than $50 million in a migration investment pool.
In return, the attorney, Victoria Chan, assured the investors of securing residential permits for them under a scheme called the EB-5 plan.
The system proffers global citizens from other nations the access to permanent residency in the United States in return for portfolio investments. These investments have to total around half a million dollars in a firm that looks to make around ten jobs available to Americans. “Because of this illegal act, a lot of international businessmen could get permanent residency permit through undocumented means using the so-called EB-5 scheme. The other side to this is that the “investors” made no tangible investment in any firm in the United States and as such, there was no creation of employment in the country,” a law enforcement agent in charge of the case told reporters.
Victoria stated that a lot of the beneficiaries of the scheme were individuals who were on the nation’s top criminals list. Notwithstanding, more than two of the false investors got the promised permanent residency containing a lot of untrue details about the holder.
Together with her father, Victoria assured the so-called investors they would get their money back should they not get their promised permanent residency permit but withheld a lot of the cash to procure some properties for their companies and themselves too.
Also, they made available to authorities in charge, real estate plans for a variety of projects that never materialized.
Federal agents disclosed that they have so far not apprehended anyone connected to the case and have not charged them yet. In 1990, the EB-5 scheme was initiated to assist the United States’ economy via the creation of employment and attraction of foreign investors. Chinese citizens were the beneficiary of almost 90% of all EB-5 permits given out in the year 2014.
At that period, around 10,000 permits were given out in the scheme, and a decision was made to terminate the acceptance of applications.