Donald Trump inflated his net worth? $2.2 billion per year from 2011 to 2021

The lawsuit against Donald Trump- the current Republican frontrunner in 2024 presidential race- dates back to last year.

Donald Trump continuously overvalued his net worth by billions of dollars each year between 2011 and 2021, New York's attorney general alleged in documents filed in support of an ongoing $250 million civil suit against the former president. State attorney general Letitia James claimed that Donald Trump and some of his associates submitted "grossly inflated" numbers to banks and insurers “to secure and maintain loans and insurance on more favorable terms” and the scheme resulted in “hundreds of millions of dollars in ill-gotten savings and profits.”

Former US president and Republican presidential candidate Donald Trump speaks during a campaign rally. (Reuters)

The lawsuit against the current Republican frontrunner in 2024 presidential race dates back to last year. She had then accused Donald Trump of tax and financial fraud. The Trump family have also been accused of deflating the value of certain Trump Organization assets including golf clubs, luxury hotels and other properties. The aim was to reduce taxes, the lawsuit alleged.

The trial is due to start October 2 with a preliminary hearing September 22. Prosecutors argued that Donald Trump overstated his wealth each year between 2011 and 2021, including the years he was president, between 17 and 39 percent which amounted to $812 million and $2.2 billion each year.

"Based on the undisputed evidence, no trial is required for the Court to determine that Defendants presented grossly and materially inflated asset values to help them conduct business transactions and defraud banks and insurers," prosecutors argued.

In January, the Trump Organization was fined $1.6 million by a New York judge in a criminal tax and financial fraud case.