MIAMI, Fla. (CBS12) — A Miami real estate developer was federally indicted Friday after authorities say he orchestrated a $85 million scheme to fund his luxury lifestyle.
According to a news release from the Department of Justice, 41-year-old Rishi Kapoor, formerly of Miami, failed to pay millions in taxes and lied to financial institutions to obtain funds to buy a luxury yacht.
Kapoor was CEO of Location Ventures, a Miami real estate development company that had projects in Coral Gables, Coconut Grove, Miami Beach, and Fort Lauderdale. Court documents allege that while Kapoor raised roughly $85 million from investors, many of the promised projects were never built.
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U.S. Attorney Jason A Reding Quinones for the Southern District of Florida said Kapoor not only stole from the government, but also from…
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.