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ST GEORGE’S, Grenada – Government is promising to take “appropriate action” against an investor who acquired citizenship under the country’s Citizen By Investment Program and was indicted in the United States. Caribbean State of Grenada is in the business of selling passports using the vehicle of "Citizen By Investment Program for several years.
Charles Liu, and Xin “Lisa” Wang The Securities and Exchange Commission has accused him and his female partner of running a visa scheme in which they misused two-thirds of the US $27 million for personal use raised from dozens of Chinese investors seeking visas.
The Securities and Exchange Commission has accused him and his female partner of running a visa scheme in which they misused two-thirds of the US $27 million for personal use raised from dozens of Chinese investors seeking visas.
According to the SEC, the funds were to be invested in a cancer treatment facility, a project that would have helped Chinese investors obtain permanent U.S. immigration visas under a federal program known as EB-5.
However, the funds were reportedly transferred to three firms in China, including one in which Lui is chief executive and chairman. Some US$7 million allegedly went into the couple’s personal accounts.
The SEC said no construction has started at the proposed facility site more than 18 months after the couple began accepting investments. In a statement issued today, the government revealed it had received information on Lui based on its ongoing cooperation agreement with third-party countries.
“Through our diplomatic channels, the Government of Grenada continues to monitor the situation, to communicate with all diplomatic and other sources, and continues to fully engage mutual cooperation with all the parties concerned,” it said.
“The Government of Grenada stands ready to take the appropriate action as the facts are ascertained.”
However, the Government of Grenada failed to perform and/or did not perform a thorough Enhanced Due Diligence Intel background check on Charles Liu and his dodgy background in China, Singapore and Hong Kong.
Chronicles of Monte Friesner - Financial Crime Analyst 
Contribution by Caribbean360
