Federal Prosecutors Arrest Miami Developer Rishi Kapoor, Charge Him In $85 Million Fraud Scheme

Federal prosecutors unsealed an indictment charging Miami developer Rishi Kapoor in an $85 million real estate fraud scheme, alleging he solicited investor money for luxury condominium projects across South Florida that were largely never built.

“Miami Developer Arrested, Charged With Sprawling $85M Fraud Rishi Kapoor, a Miami developer of mixed-use projects who once had the mayor of Miami on his payroll, was arrested Friday and charged with multiple counts of fraud, tax evasion and falsifying bank statements”

Bisnow

Prosecutors say Kapoor served as chief executive officer of Location Ventures between 2016 and 2023 and that the allegations will now be resolved in federal court, where he is presumed innocent until proven guilty.

Bisnow

Authorities arrested Kapoor and presented him to a magistrate, with prosecutors arguing he was a flight risk and the judge denying bail.

Prosecutors allege Kapoor raised roughly $85 million from investors by promoting multiple high-end developments across Miami‑Dade and Fort Lauderdale.

The indictment and reporting list neighborhoods including Coconut Grove, Miami Beach, Coral Gables and Fort Lauderdale among the promised projects.

BocaNewsNow

Authorities say Location Ventures marketed at least a dozen luxury developments to attract investor capital while many promised projects “stalled or never moved forward.”

Prosecutors say investor funds were diverted to finance Kapoor’s luxury lifestyle, including multimillion-dollar yacht purchases and an exclusive residence in Cocoplum.

“A Miami real estate developer is accused of orchestrating an $85 million fraud scheme, not paying millions in taxes, and lying to banks to obtain funds to purchase a luxury yacht”

CBS News

The indictment and reporting cite purchases such as a 68‑foot yacht (named M/Y SUNEETA II) and a home in Cocoplum.

Prosecutors say they will seek to seize luxury assets including a Rolex Daytona watch and a platinum ring as part of restitution efforts.

The indictment alleges a range of deceptive practices used to secure investor and bank financing, including falsifying bank statements and inflating account balances.

Prosecutors say Kapoor misrepresented his personal investment in projects and deceived escrow agents to release pre‑construction deposits.

CubitaNOW

Authorities characterize these actions as part of a broader scheme to hide financial instability and persuade banks and investors to provide additional funds.

In addition to fraud counts, prosecutors allege Kapoor failed to pay millions in payroll and personal taxes over multiple years.

“Date: Related stories Highlights: Federal prosecutors in the United States have charged Miami real estate developer Rishi Kapoor with orchestrating an $85 million real estate fraud scheme that allegedly targeted investors interested in luxury condominium projects across South Florida”

GG2

Prosecutors charged him with a sweeping list of federal offenses that carry decades behind bars if he is convicted.

GG2

Local reporting also notes a 2023 consulting relationship with then‑Mayor Francis Suarez; Suarez has denied wrongdoing and has not been charged.

Authorities have seized or plan to seize several luxury items and continue to pursue restitution for investors as the case proceeds.