Trump Organization's real estate partner in India accused of $147 million fraud
Source: The Washington Post
NEW DELHI — A real estate investment company that partnered with the Trump Organization on an office tower project in India has been accused of defrauding its foreign investors of at least $147 million, according to documents obtained by The Washington Post.
Two global investment companies based in New York and London that have invested nearly $300 million in the Indian real estate development company IREO filed a criminal complaint with New Delhi police last month alleging that the fund’s Indian managing director, Lalit Goyal, co-founder Anurag Bhargava and others engaged in “large-scale fraud” by “illegally siphoning off” at least $147 million of investor money, although the actual sum could approach $200 million, they allege. Police in New Delhi said they have received the complaint but declined to discuss the matter further.
The two firms are the Children’s Investment Fund Foundation, a charity of the British billionaire Christopher Hohn, knighted for his philanthropic work in 2014, and Axon Partners, an equity firm run by former Goldman Sachs executive Dinakar Singh.
Both firms declined to comment.
Read more: https://www.washingtonpost.com/world/asia_pacific/trump-organizations-real-estate-partner-in-india-accused-of-147-million-fraud/2018/03/18/0d7ef1fa-1c0e-11e8-98f5-ceecfa8741b6_story.html?tid=ss_tw-amp
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