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Fears $150m missing as part of federal government visa program

In the recent collapse of the failed property group iProsperity, we see yet another example of fraud in the Significant Investor Visas (known as 188C vias) space. Here clients can buy their way into Australia for $5m (a paltry sum for many Chinese these days).

There is insufficient oversight (no-one wants to upset the Chinese Communist Party) and as in anything involving larges sums of money, there are rorts and cons. How was investing in this company even allowed? How did he raise $180m for 188C applicants? Where was the government oversight? How many visas were granted? What happens to all those visa holders now? Will they have their visas cancelled for not meeting the conditions of their visas?

Lots of questions to be asked but few answers.