The Securities and Exchange Commission has accused an Indian developer belonging to Miami, Rishi Kapoor, of cheating people to the tune of $93 million.
Charges have been framed against real estate company Location Ventures LLC, its ancillary Urbin LLC, and 20 other related companies.
The commission explained that Kapoor furnished false details to attract several customers from March 2018 to March 2023, misusing the investors’ funds to the tune of $4.3 million. Further, the commission’s probe indicated that Location Ventures LLC, Urbin LLC, and other firms raised capital to the tune of $60 million through illegal means. It established that the amount was spent by him in pursuit of a luxury life. The commission’s probe established that Kapoor duped over 50 investors to the tune of several millions of dollars, according to Miami region director Eric I. Bustillo.
