Miami real estate developer arrested over fraud charges – WSVN 7News | Miami News, Weather, Sports

MIAMI (WSVN) – A prominent real estate developer has been arrested and charged with fraud.

According to police, Rishi Kapoor faces several charges in an alleged $85 million fraud scheme.

Court documents show he was the CEO of a company that was supposedly developing projects in Miami-Dade and Fort Lauderdale.

Detectives said he raised millions from investors and then used some of the money for personal use, including purchasing a 68-foot yacht.

He’s also accused of failing to pay millions in taxes from 2019 to 2023.

In 2023, Kapoor hired then-Miami Mayor Francis Suarez as a consultant while his subsidiary company was developing a project in Coconut Grove.

Suarez has not been charged in this case.