A prominent Miami real estate developer could face years in prison after he was indicted
last week on charges of leading a massive fraud scheme that allegedly diverted investor fu
nding, deceived lenders and evaded taxes.
Rishi Kapoor, 42, who until recently was head of Location Ventures and multiple other bus
inesses, was arrested in Fort Lauderdale on Friday, according to news reports and a statement from the U.
S. Attorney for southern Florida.
“The indictment alleges an $85 million fraud scheme in which investor funds intended for real e
state development were diverted for luxury purchases, including a 68-foot yacht,” said U.S. Attorne
y Jason Reding Quiñones. “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 o
wn employees.”
The 37-count indictment was unsealed by a judge but was not available in federal court records Monday morning. The Miami Herald reported that Kapoor gain
ed attention when the Herald reported in 2023 that the developer had paid then-Miami Mayor Francis S
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uarez $10,000 a month to be a consultant for one of Kapoor’s companies. Suarez
has denied wrongdoing.
Kapoor, of Coral Gables, is listed as the manager for many other businesses, including sta
ffing companies, property management firms, Habitat Miami, and development firms, Florida Se
cretary of State records show.
The U.S. Securities and Exchange Commission in 2023 filed suit against Kapoor and many o
f Kapoor’s businesses, charg
ing that Kapoor had raised as much as $93 million from 50 investors. He then attempted to co
nceal financial problems, including a $13 million deficit, in presentation
s to potential investors, all of which violated federal securities laws, the lawsuit complaint alleges.
