Skip to content
Search

Latest Stories

Indian American real estate developer charged in $93m fraud

The Securities and Exchange Commission filed charges against Rishi Kapoor, a Miami-based developer

Indian American real estate developer charged in $93m fraud

AN Indian American real estate developer has been charged by federal authorities with perpetuating a $93 million fraud scheme.

Rishi Kapoor, a Miami-based developer, faces charges filed by the Securities and Exchange Commission on Wednesday (3).


The SEC announced that it obtained an asset freeze and other emergency relief concerning the alleged fraud perpetrated by Kapoor.

The SEC also charged real estate company Location Ventures, its affiliate Urbin and 20 other related entities in connection with the fraud scheme, a statement said.

According to the SEC's complaint, from around January 2018, until at least March 2023, Kapoor and certain of the defendant entities solicited investors by, among other things, making several material misrepresentations and omissions regarding Kapoor, Location Ventures, Urbin, and their real estate developments.

The false statements allegedly included misrepresenting Kapoor's compensation; his cash contribution to the capitalisation of Location Ventures; the corporate governance of Location Ventures and Urbin; the use of investor funds; and Kapoor's background.

The SEC's investigation found that Kapoor allegedly misappropriated at least $4.3m of investor funds and improperly commingled approximately $60m of investor capital between Location Ventures, Urbin, and some of the other charged entities.

The complaint also alleges that Kapoor caused some entities to pay excessive fees and to represent higher returns to investors by significantly understating cost estimates.

The complaint alleges that he purchased a 68.7 foot yacht for $5m and leased an uber-luxury sportscar.

"As alleged in our complaint, Kapoor was the architect of a multi-pronged real estate offering fraud that misappropriated millions from more than 50 investors," said Eric I Bustillo, director of the SEC's Miami regional office.

The SEC's complaint, filed in the US District Court for the Southern District of Florida, charges Kapoor, Location Ventures, Urbin, and the 20 related entities with violating provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.

The SEC seeks permanent injunctions, civil monetary penalties, an officer-and-director bar against Kapoor, and disgorgement of ill-gotten gains with prejudgment interest against Kapoor and certain of the charged entities.

(PTI)

More For You

Air India

The Amritsar-Birmingham and Amritsar-London Gatwick routes will each increase from three to four weekly flights, while Ahmedabad-London Gatwick will go from three to five weekly flights.

Air India to increase flights between UK and India from March 30

AIR INDIA will increase flight frequencies on key routes as part of its Northern Summer schedule, effective 30 March 2025.

In the UK, the airline will add three more flights on the Delhi-London Heathrow route, increasing from 21 to 24 weekly flights using a mix of A350-900 and upgraded B787-9 aircraft.

Keep ReadingShow less
Pablo-Escobar-merchandise-Getty

Escobar, killed by security forces in 1993, remains a figure of global interest, with his image appearing on souvenirs like T-shirts, mugs, and keychains. (Photo: Getty Images)

Colombia considers ban on Pablo Escobar merchandise

COLOMBIA’s Congress is considering a bill that would ban the sale of merchandise featuring drug lord Pablo Escobar and other convicted criminals.

The proposed law aims to curb the glorification of Escobar, who was responsible for thousands of deaths during his time leading the Medellín cartel, reported BBC.

Keep ReadingShow less
Assisted dying bill: Judge approval scrapped for expert panel safeguard

Polls show most Britons back assisted dying, with supporters calling for the law to reflect public opinion.

Assisted dying bill: Judge approval scrapped for expert panel safeguard

Eastern Eye

THE proposed new assisted dying law for terminally ill people will be amended to remove the requirement that a high court judge sign off on each case, Labour MP Kim Leadbeater said on Tuesday (11).

Opponents of assisted dying said the change would weaken the safeguards around protecting vulnerable people from being coerced or pressured into taking their own lives.

Keep ReadingShow less
Andrew Malkinson

Malkinson, 59, has been struggling financially since his release and has been on universal credit for 19 months. (Photo: X/@NotThatBigIan)

Wrongful rape conviction: Andrew Malkinson to get 'significant' compensation

ANDREW MALKINSON, who spent 17 years in prison for a rape he did not commit, will receive a six-figure interim compensation payment from the Ministry of Justice.

The payment comes more than a year after his conviction was overturned by the Court of Appeal in July 2023.

Keep ReadingShow less
IMF team visits Pakistan to assess governance and corruption reforms

The assessment will shape structural reforms and examine protections for property rights and foreign investments

IMF team visits Pakistan to assess governance and corruption reforms

Eastern Eye

A TECHNICAL team from the International Monetary Fund met Pakistan’s chief justice Yahya Afridi on Tuesday (11) to conduct a Governance and Corruption Diagnostic Assessment under the 2024 Extended Fund Facility programme.

The IMF team is in the country for a week-long trip to scrutinise the judicial and regulatory framework tackling governance and corruption as part of a £5.6 billion loan agreed last year.

Keep ReadingShow less