A Miami real estate developer is accused of orchestrating an $85 million fraud scheme, not paying millions in taxes, and lying to banks to obtain funds to purchase a luxury yacht.
Rishi Kapoor, 41, was the CEO of Location Ventures, a Miami-based real estate development company that was planning to develop projects in Coral Gables, Coconut Grove, Miami Beach, and Fort Lauderdale.
“The indictment alleges an $85 million fraud scheme in which investor funds intended for real estate development were diverted for luxury purchases, including a 68-foot yacht,” said U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida. “It further alleges that the defendant withheld payroll taxes from employees but failed to turn that money over to the government, effectively stealing from his own employees. These are serious allegations that will now be addressed in federal court. The…
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