A Miami real estate developer is facing a sweeping federal fraud case after prosecutors accuses him of diverting millions of dollars from investors to fund an extravagant lifestyle that included multimillion-dollar yachts and luxury property in South Florida.
In fact, part of the Daily Mail headline read: “Miami property developer bought $5.3m yacht despite earning $400,000 salary… now the Feds are after him.”
It’s definitely the yacht that got him unwanted attention.
The Alleged $85 Million Fraud Scheme
According to the U.S. Attorney’s Office for the Southern District of Florida, developer Rishi Kapoor, 41, has been charged in connection with an alleged $85 million real estate fraud scheme tied to multiple condominium developments that were never completed.
Federal prosecutors say Kapoor, who served as chief executive officer of Location Ventures from 2016 to 2023, solicited millions of dollars from investors for luxury real estate projects across South Florida. The developments were promoted as high-end residential opportunities, but many were never built, according to the indictment…