MIAMI \u2014 Prominent South Florida developer Rishi Kapoor was indicted in federal court for \u201corchestrating an $85 million fraud scheme, failing to pay millions in taxes, and lying to financial institutions to obtain funds to purchase a luxury yacht,\u201d prosecutors said in a news release on Friday.<\/p>\n
Leer en espa\u00f1ol<\/a><\/p>\n Authorities said Kapoor, 41, was the CEO of Location Ventures, a Miami-based real estate development company.<\/p>\n Kapoor made headlines in 2023<\/a> in connection with his ties to then-Miami Mayor Francis Suarez, whom he hired to consult for a project in the Coconut Grove neighborhood, according to reporting<\/a> in the Miami Herald. Suarez has denied \u2015 and has not been accused of \u2015 any wrongdoing.<\/p>\n While the indictment had not yet been made public as of Friday afternoon, prosecutors alleged in the release that investor funds intended for real estate development were instead diverted for luxury purchases, including a 68-foot yacht and failed to pay millions in personal taxes.<\/p>\n \u201c(A)lthough Kapoor raised approximately $85 million from investors, most of the promised real estate projects were never built,\u201d the release states. \u201cDespite being entitled to a capped salary of $400,000 plus certain fees, Kapoor diverted substantially more funds for personal use, including the purchase of a 68-foot yacht and a residence in Cocoplum.\u201d<\/p>\n Cocoplum is an exclusive neighborhood of Coral Gables.<\/p>\n \u201cKapoor is also charged with falsifying bank statements to inflate his account balances, failing to disclose a significant mortgage on his Cocoplum residence, and misrepresenting that his tax returns had been filed with the IRS\u2014all to obtain more than $9 million in financing,” the release states. \u201cOne bank extended a $5 million line of credit to Location Ventures, while another loaned Kapoor $4.2 million to finance the yacht purchase.\u201d<\/p>\n U.S. Attorney Jason Reding Quinones said Kapoor, additionally, \u201cwithheld payroll taxes from employees but failed to turn that money over to the government, effectively stealing from his own employees.\u201d<\/p>\n Prosecutors said Kapoor is facing a litany of charges, including conspiracy to commit wire fraud, wire fraud, money laundering, conspiracy to commit offenses against and to defraud the U.S., failure to pay payroll taxes, tax evasion, failure to file tax returns and bank fraud.<\/p>\n \u201cThe indictment also includes forfeiture allegations, including a Rolex Daytona watch and 2.5 carat platinum ring,\u201d prosecutors said.<\/p>\n He could face decades in prison if convicted.<\/p>\n \ud83c\udfe0 News From Your Neighborhood<\/p>\n Copyright 2026 by WPLG Local10.com – All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"MIAMI \u2014 Prominent South Florida developer Rishi Kapoor was indicted in federal court for \u201corchestrating an $85 million…\n","protected":false},"author":2,"featured_media":181191,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[225,227,226],"class_list":["post-181190","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/181190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=181190"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/181190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/181191"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=181190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=181190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=181190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}