Chicago Developer Anshoo Sethi Gets Three Years for Visa Fraud Scheme

CHICAGO — In a dramatic turn of events, Anshoo Sethi, the founder of A Chicago Convention Center LLC, has been sentenced to three years in prison for exploiting the federal EB-5 visa program. Sethi’s fraudulent scheme targeted Chinese nationals seeking residency in the United States, bilking them out of millions.

According to prosecutors, Sethi promised to build a $900 million hotel and convention center near O’Hare International Airport, soliciting investments of $500,000 each from Chinese investors. He falsely claimed that these investments would secure EB-5 visas, which allow foreign investors to obtain temporary residency in exchange for significant investments.

Sethi’s lies extended to State of Illinois and City of Chicago funding he promised, none of which materialized. The project never got off the ground, and no EB-5 visas were granted to investors. His conviction on one count of wire fraud was part of the largest EB-5 criminal fraud case in U.S. history.

At 32 years old, Sethi pleaded guilty last year. Along with his prison term, he faces a $8.85 million restitution order for victim investors. Assistant U.S. Attorney Sunil Harjani highlighted the scale of Sethi’s deception: “Defendant Anshoo Sethi abused the EB-5 visa program and blatantly lied to investors and the United States government on a massive scale.”

The scheme began in 2011, with Sethi falsely claiming connections to major hotel chains like Hyatt and Starwood. He even forged documents to mislead brokers into soliciting investments. In total, Sethi raised approximately $158 million from over 290 investors, $147 million of which were restored through a U.S. Securities and Exchange Commission lawsuit.

U.S. Attorney Zachary T. Fardon and FBI Special Agent-in-Charge Michael J. Anderson announced the sentencing. The government is represented in this case by Mr. Harjani, who has tirelessly pursued justice for victims of financial fraud.