A prominent Miami real estate developer could face years in prison after he was indicted last week on charges of leading a massive fraud scheme that allegedly diverted investor funding, deceived lenders and evaded taxes.
Rishi Kapoor, 42, who until recently was head of Location Ventures and multiple other businesses, was arrested in Fort Lauderdale on Friday, according to news reports and a statement from the U.S. Attorney for southern Florida.
“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 Reding Quiñones. “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.”…