NEW DELHI – An Indian company that is partnering with the Trump Organization on an office tower project outside New Delhi has been accused of running an elaborate real estate swindle that cheated investors out of nearly $150 million.
Documents obtained by The Associated Press make no mention of the Trump Organization, and focus largely on two real estate deals that began years before the organization signed a 2016 agreement with IREO to partner on an office tower outside of New Delhi.
Ramesh Sanka, the former CEO of the real estate firm IREO, says he saw "various acts of cheating, fraud and misappropriation of money," creating "huge wrongful gains" for the company's managing director and his associates.
Top IREO officials could not be reached for comment.
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