A federal grand jury has indicted Miami-based developer Rishi Kapoor in an $85 million fraud scheme.
The indictment, filed on March 3, alleges Kapoor defrauded investors. Jurors claim he used funds invested into his company, called Location Ventures, to buy two yachts, a Rolex and a mansion in the affluent Cocoplum neighborhood.
The developer was previously being investigated for his connections to former Miami City Mayor Francis Suarez. A Miami Herald investigation revealed Kapoor hired Suarez as a consultant while his company had business dealings with the city…