- A Trump Organisation partner is accused of running an elaborate fraud.
- The partner is alleged of swindling roughly $US150 million from investors.
- The Trump Organisation is not named in the complaint.
One of the Trump Organisation’s partners in an Indian project was accused of running an elaborate real estate scam, cheating investors out of roughly $US150 million, according to complaints filed with Indian authorities.
The Associated Press reported that Ramesh Sanka, former CEO of the real estate firm IREO, said in the documents that he saw “various acts of cheating, fraud and misappropriation of money” at the firm. IREO created “huge wrongful gains” for its managing director and his allies, said Sanka, who left the company in 2016.
The documents do not mention the Trump Organisation, the AP reported.
Earlier this year, Donald Trump Jr. said in a statement that the firm “is truly a fantastic group and we are looking forward to pushing the boundaries together to create what will soon be one of the most exciting and sought-after commercial towers in India.”
The Trump Organisation licensed out the Trump brand to its Indian business partners. There are currently five Trump-branded projects underway in India. The company’s involvement with IREO is limited to one of those five projects, a commercial building in Gurgaon, India.
Trump Jr. recently completed a trip to India to promote the projects.