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I was in the US for 18 months on an H-1B visa from 2014 to 2015. For personal reasons, I returned to India. Now, I'm planning to pursue my career in the US; my visa is valid until March 1st, 2017.

My H-1B petition is with XYZ company and I am no longer associated with them.

Another company, XXXX, is asking me to reenter the US with the existing H-1B visa and has stated it will transfer the petition to its name and apply for an extension once I am in the USA. It also said it will provide a client invitation letter and necessary documents.

I have verified, petition is not revoked yet by my old employer

Can I travel in this case?

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No.

Your old visa is only valid for as long as you are employed by the company which sponsored it.
Using that visa to try to enter the USA is visa fraud and could get you sent back home - the fact the that old company has failed in their responsibility and not yet notified USCIS of your circumstances doesn't change this.

Even if you do manage to enter the USA with this visa (by lying to the the immigration officer), you can't 'transfer' to a new company because in order to transfer, you must be present in the USA legally - which would not be the case for you.

When I 'transferred' my H1-B to a different employer about a year and a half ago, I had to provide evidence that at the time the new employer submitted the necessary paperwork I was still employed by the previous company and I was therefore still legally present in the USA. I could show my monthly pay statements to prove this.

You should have your new company talk to a competent immigration attorney before going any further with this.

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