Trump Real Estate Investments In India Are Troubled, New Study Finds
The Trump Organization has a series of failing projects in India, an investigation by ProPublica discovered.
When reporter Anjali Kamat visited the Trump Tower Kolkata, she discovered just a billboard and the building foundation. Trump Jr. described it as Kolkata’s “first residential building with floor to ceiling glass.”
The directors of the Trump Organization’s partner, RDB Group, were charged with insider trading in 2011 and blocked for four years from India’s stock market.
When Kamat visited a project in Gurgaon described as “the most prestigious address in the city,” she found an empty lot. Another project in Gurgaon — an office tower billed by Trump Jr. as “one of the most exciting and sought after commercial towers in India and beyond” — was also just a lot, although goats had taken to grazing there.
The Trump Organization’s partner for the latter project, IREO, was accused last month of cheating investors out of nearly $150 million.
The Trump Tower in Mumbai appears to be the only project underway, with the tower nearly completed. However, officials told Kamat they have been investigating Trump’s partner for the project, the Lodha Group, on allegations of money laundering and tax fraud.