A Miami real estate developer has been indicted on charges related to an alleged $85 million fraud scheme. The indictment, unsealed on March 6, 2026, accuses Rishi Kapoor, 41, former CEO of Location Ventures, of diverting investor funds intended for real estate projects to finance personal luxury purchases such as a yacht and a residence.
According to court documents, Kapoor was the chief executive officer of Location Ventures, which claimed to develop properties in Coral Gables, Coconut Grove, Miami Beach, and Fort Lauderdale. Authorities allege that although Kapoor raised approximately $85 million from investors, most of the planned developments were never completed.
U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida stated: “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.”
Prosecutors allege Kapoor misrepresented his financial contributions to Location Ventures by claiming he invested $13 million alongside partners and family when he had actually contributed about half that amount. He is also accused of deceiving escrow agents to release pre-construction condominium deposits and using those funds for unrelated personal expenses rather than development costs. As a result, certain condominium projects in Coconut Grove and Miami Beach reportedly remained unbuilt.
Further allegations include withholding payroll taxes from company employees without remitting them to the Internal Revenue Service (IRS), instead diverting more than $2 million for personal use. Kapoor is also charged with failing to pay his own personal taxes between 2019 and 2023 despite earning significant income during this period.
The indictment states Kapoor falsified bank statements to inflate account balances and failed to disclose a substantial mortgage on his Cocoplum residence while seeking over $9 million in financing from banks—actions that led one bank to extend a $5 million line of credit and another to provide $4.2 million toward purchasing the yacht.
Charges against Kapoor include conspiracy to commit wire fraud, wire fraud, money laundering, conspiracy against the United States, failure to pay payroll taxes, tax evasion, failure to file tax returns, and bank fraud. Forfeiture allegations cover items such as a Rolex Daytona watch and a platinum ring.
If convicted on all counts, Kapoor faces up to 20 years in prison per count of conspiracy or wire fraud; up to 10 years for money laundering; up to five years each for conspiracy against the U.S., payroll tax offenses or tax evasion; and up to 30 years per count of bank fraud.
The U.S. Securities and Exchange Commission has filed a separate civil action against Kapoor under Case No. 23-cv-24903.
U.S. Attorney Reding Quinoñes announced the case along with officials from IRS-Criminal Investigation’s Florida Field Office and FBI Miami Division. He commended both agencies’ investigative efforts.
Assistant U.S. Attorneys Elizabeth Young and Daya Nathan are prosecuting the case; Assistant U.S. Attorney Nicole Grosnoff oversees asset forfeiture proceedings.
Court records related to this case can be found at www.sdfl.uscourts.gov or http://pacer.sdfl.uscourts.gov under Case No. 26-cr-20073.
