BROWARD COUNTY, FL (BocaNewsNow.com) (Copyright © 2026 MetroDesk Media, LLC) — A prominent Miami real estate developer is facing several federal charges after prosecutors unsealed an indictment today accusing him of orchestrating a massive $85 million fraud scheme. Rishi Kapoor, the 41-year-old former CEO of Location Ventures, allegedly spent years lying to investors and banks to fund a high-flying lifestyle that included a luxury residence in Cocoplum and a 68-foot yacht. While his company promised to transform skylines in Coral Gables, Coconut Grove, and Fort Lauderdale, authorities say most of those ambitious projects were never actually built.
Federal prosecutors paint a picture of a developer who treated investor funds like a personal piggy bank. Despite a capped salary of $400,000, Kapoor allegedly diverted millions of dollars for his own use, misrepresenting his own financial stake in the company. The indictment claims he even deceived escrow agents to get his hands on pre-construction condo deposits, which he then allegedly blew on personal expenses. As a result, projects that were supposed to rise in Miami Beach and Coconut Grove remained nothing more than blueprints while the money vanished.
The government says Kapoor also targetted his own staff and the IRS. According to the indictment, Kapoor withheld payroll taxes from his employees’ paychecks but pocketed the money—more than $2 million—instead of sending it to the government. Investigators say he failed to pay his own personal taxes for five years straight, even during a two-year stretch where he hauled in more than $2.8 million in income. Kapoor allegedly gave banks fake statements and lied about his debts to secure over $9 million in loans, including the money used to buy his yacht.
Kapoor now faces a long list of federal charges, including wire fraud, bank fraud, money laundering, and tax evasion. If convicted, he could face decades in federal prison. The government is also moving to seize high-end assets, including a 2.5-carat platinum ring and a Rolex Daytona watch.
