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 his employees:

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. 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. These are serious allegations that will now be addressed in federal court. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

Investigators say Kapoor diverted more than $2 million from company accounts for personal use, including the purchase of the yacht and a residence in Cocoplum. He also allegedly misrepresented his personal financial contributions to investors and misled escrow agents to access pre-construction condominium deposits. As a result, some Miami Beach and Coconut Grove projects were never completed.

Kapoor was indicted on counts of conspiracy to commit wire fraud, wire fraud, money laundering, tax evasion, bank fraud, and failing to pay payroll taxes, per the DOJ.

If convicted, Kapoor could face decades in federal prison, with a maximum of 30 years for the bank fraud alone.

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The indictment also reportedly required him to forfeit possessions, including a Rolex Daytona watch and a 2.5-carat platinum ring.