Foreign investors of an Indian real estate company have accused the firm’s management of “large-scale fraud” of at least $147 million (Rs 959 crore), the Washington Post reported on Monday. The company, IREO, has partnered with the Trump Organization to build an office tower project in India.
Two global investment firms – the London-based Children’s Investment Fund Foundation and Axon Partners in the United States – filed a complaint with the Delhi Police in February. They accused Lalit Goyal, the company’s managing director, and co-founder Anurag Bhargava, among others, of “illegally siphoning off” up to $200 million (Rs 1,304 crore) of their money.