The Trump Organization, the private conglomerate that oversees most of Donald Trump’s business ventures and investments, is rapidly expanding its footprint in India.
India remains the company’s largest overseas real estate market, even as several of its local partners face serious criminal accusations ranging from money laundering to bribery.
Led by Eric Trump, the company announced back in April plans for a new luxury tower in Gurugram, near New Delhi, marking its second major project in the city.
“We’re incredibly excited to launch our second project in Gurgaon,” Eric Trump said at the time.
“And even prouder to be doing it once again with our amazing partners.”
The Wall Street Journal now reports those partners, billionaire developers Basant and Roop Bansal and their son Pankaj Bansal of M3M, are accused by Indian authorities of helping another firm launder about US $46 million (A $70.5 million) and of bribing a judge in a related case, according to court filings.
If convicted, they could face up to seven years in prison.
While none of the allegations are connected to Trump-branded projects, and the Trump Organization itself faces no accusations of wrongdoing, many of its Indian partners have been embroiled in legal or regulatory controversies.
According to WSJ, India’s real estate sector, known for its rapid growth and frequent scandals, has long struggled with corruption and lax oversight.
India has become the Trump Organization’s biggest international market since Donald Trump’s return to the presidency, with nine projects completed or under development.
Last year, the company earned US $12 million (A $18.4 million) in fees from its India ventures, representing a significant portion of the US $44.6 million (A $68.5 million) it made in global licensing and development revenue.
The 51-storey Trump Residences Gurgaon sold out within hours of launch, capitalising on renewed interest in the brand after the U.S. election.
The company’s return to aggressive overseas growth marks a shift from the self-imposed moratorium on new foreign deals during Trump’s first term.
It also coincides with the administration’s move to relax enforcement of the Foreign Corrupt Practices Act, which penalises U.S. firms for engaging in overseas bribery.
The Trumps have announced 12 new international projects since returning to office – five of them in India.
Despite the legal turbulence surrounding its local partners, the brand’s presence there continues to grow.
