A prominent Miami real estate developer has been arrested and charged in connection with an $85 million fraud scheme, authorities report.
Rishi Kapoor, formerly the CEO of a company developing projects in Miami-Dade and Fort Lauderdale, faces multiple fraud-related charges.
Police allege Kapoor raised millions from investors for real estate projects but misused some of the funds for personal expenses, including purchasing a 68-foot yacht.
In addition to the alleged misuse of investor funds, authorities said Kapoor failed to pay millions in taxes between 2019 and 2023.
Court records indicate that in 2023, Kapoor hired then-Miami Mayor Francis Suarez as a consultant while a subsidiary company worked on a project in Coconut Grove. Suarez has not been charged in the case.
The investigation into Kapoor’s activities is ongoing, and officials say he could face substantial prison time and financial penalties if convicted.
