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…