Latest news with #TrumpHotelRental
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First Post
3 hours ago
- Business
- First Post
The ultimate ‘Trump' card: How US President's family is getting richer faster than most Americans
Trump-linked businesses have received over $2 billion in just the past month, according to a new report. The US president is also getting a luxury Boeing 747 worth $400 million for Qatar. While other presidential families have profited from their time in office, reports suggest the Trumps have taken it further than anyone else, turning the presidency into a source of personal gain read more Not too long ago, Donald Trump was facing doubts about his political future and serious concerns about his finances. Now, his estimated wealth has reportedly doubled. It is not just him, his family is also earning from the Trump brand . Now, there are plans that Qatar might offer him a new presidential plane. ALSO READ | What is the 'Taco' trade jibe that has angered Trump? While other presidential families have made money from their time in office, reports say the Trumps have gone further than anyone else in turning the presidency into a source of profit. STORY CONTINUES BELOW THIS AD So, how much is Donald Trump worth today? How has his wealth grown so much since he took office in January? Where is all this money coming from? We look at the answers to these questions and more. How the Trumps are getting richer A report by The New York Times says Trump-linked businesses have received at least $2 billion in the past month alone. These earnings come from ventures like real estate, cryptocurrency, and a new private club planned in Washington with a $500,000 membership fee. Meanwhile, Qatar is also said to be giving him a new presidential jet. Notably, Trump has more than doubled his net worth since the start of his reelection campaign, reaching around $5.4 billion, Bloomberg reported. One thing Trump has learned by now is that court delays can work in his favour. Last year, when he said he could not pay the $454 million fraud penalty in New York State, his lawyers asked the appeals court to either drop or lower the bond. Courts do not always agree to such requests, but this time they did, cutting it to $175 million. This helped him avoid having his assets taken. It is worth noting that the US President is doing business with governments in Serbia, the United Arab Emirates and Oman. One thing Trump has learned by now is that court delays can work in his favour. AP/File Photo The White House says there is no conflict because his sons are in charge of the companies. Still, Trump is gaining wealth from these deals. STORY CONTINUES BELOW THIS AD Even with fears of a recession in the economy, the Trump family looks set to become richer than ever. ALSO READ | What is the 'Trump Hotel Rental' scam that has duped hundreds of Indians? So, where is all this money coming from? Here's a closer look. Cryptocurrency ($TRUMP) This is the Trump family's digital currency , owned by the Republican leader and managed by Donald Trump Jr. It is not presented as an investment. Instead, it offers people another way to gamble. A recent report by State Democracy Defenders Action said that the president's crypto assets now make up almost 40% of his total wealth, around $2.9 billion. The Trump family gets a cut every time someone buys a coin. Trump has also started offering rewards. The top 220 buyers have been invited to a dinner with him next week at his golf club in Virginia. The 25 biggest buyers will also get a tour of the White House. Alongside $TRUMP, another token, $MELANIA, has also played a role in growing their wealth. My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to — Have Fun! — Donald J. Trump (@realDonaldTrump) January 18, 2025 STORY CONTINUES BELOW THIS AD The digital coin business is expected to get another push. How? This week, World Liberty Financial announced that a firm backed by Abu Dhabi will put billions into the Trump-linked crypto fund. According to a statement shared with CBS News, the Emirati firm MGX will spend $2 billion on a stablecoin product from World Liberty. Real estate Qatar has helped the Trumps secure a deal to build a high-end golf resort in the country, valued at $5.5 billion. The plan includes Trump-branded villas by the beach and an 18-hole golf course, to be built by a Saudi firm. It was the Trump Organization's first foreign project since Trump took office, and very different from those in his first term. Eric Trump looks at the 3D model of Trump International Golf Club & Trump Villas project in Doha, Qatar. Reuters/File Photo Meanwhile, a UAE-based company run by billionaire Hussain Sajwani, a long-time Trump business associate, plans to invest $20 billion in data centres across the United States. STORY CONTINUES BELOW THIS AD Sajwani's company, Damac Properties, is one of the top real estate developers in the UAE. This investment seeks to show Trump's appeal as a businessman who is able to pull in large funding. In Serbia, a former army headquarters bombed by Nato is set to be redeveloped into a luxury complex, backed by Trump's son-in-law, Jared Kushner's firm. The Serbian government approved the project last year, giving Kushner a multi-million-dollar deal, including a 99-year lease on the land, located in central Belgrade. Notably, thousands protested the move in March this year, calling for the site's historic status to be restored and the plans to be cancelled. Students protest against the government's lease of a site to Jared Kushner in Belgrade, Serbia. Reuters/File Photo Meanwhile, the Trump Organization is already earning from a project tied to Oman's government. The site includes a hotel, residences and a golf course. Another ongoing project is Trump Tower Jeddah, expected to be completed in 2029. It offers Saudi residency to those who invest about $1 million. Eric Trump was quick to praise the 47-floor project overlooking the sea STORY CONTINUES BELOW THIS AD $400 million plane by Qatar, private club and more: What other deals are bringing in money Qatar's gift of a luxury Boeing 747 jet for Donald Trump was accepted by the country's Defence Department earlier this month. 'Why should our military, and therefore our taxpayers, be forced to pay hundreds of millions of Dollars when they can get it for FREE,' Trump posted on Truth Social network during his trip. The $400 million aircraft will be used as a temporary Air Force One. Trump says his presidential library will own the plane after his presidency. Meanwhile, Amazon is also involved in several Trump family projects. The company paid $40 million to secure the rights to Melania Trump's documentary, outbidding the next highest offer by nearly three times, according to the Wall Street Journal. In Trump's first term, foreign dignitaries stayed at Trump-owned properties and Republicans hosted events there, which brought in millions of dollars. According to the New York Times, such income has resumed. Last month, the Saudi-backed LIV Golf league held a professional event at Trump National Doral in Florida. Trump arrived on a military helicopter to launch the tournament. Notably, Saudi Arabia's sovereign wealth fund manages the league. They paid the Trump family a confidential sum to hold the LIV tournament. STORY CONTINUES BELOW THIS AD Also, a private members' club linked to Trump, called Executive Branch, is set to open in Washington, DC. The club will be located below a shopping mall in Georgetown. Donald Trump Jr is one of the club's owners, along with Zach and Alex Witkoff, who are sons of Steve Witkoff, the US envoy to West Asia; Omeed Malik of 1789 Capital; and Chris Buskirk, an ally of Vice President JD Vance. The entrance fee reportedly reaches as high as $500,000. The club is expected to limit its membership to around 200 people, with admission based on more than just financial means. Among those expected to join are lobbyists, major figures from the tech industry, and some White House officials. With inputs from agencies
Time of India
2 days ago
- Business
- Time of India
'Trump Hotel Rental' app: How 200 people lost over Rs 2 crore in this online investment scam
In a shocking online fraud, around 200 people across Karnataka have fallen victim to an investment scheme involving a fake 'Trump Hotel Rental' app. The victims lost more than Rs 2 crore collectivity. The investment scam lured the victims by using AI-generated images and videos of US President Donald Trump and promising high returns with remote job opportunities. How the Trump Hotel Rental app scam worked The fraudulent operation leveraged a seemingly legitimate-looking mobile application, falsely branded as a "Trump Hotel Rental" platform. Victims were enticed to invest money with the assurance of earning daily returns by "renting out" virtual hotel rooms or properties. The app operated for 5–6 months before being exposed. It initially allowed users to withdraw small amounts, such as Rs 300, to build trust. However, as victims invested larger sums—sometimes exceeding Rs 10 lakh—the app stopped functioning, and the scammers disappeared. A Bengaluru-based lawyer reported losing Rs 6 lakh between January and April 2025, stating that the fraudsters demanded tax payments on earnings before vanishing. Many victims were also assigned fake work-from-home tasks, such as writing company profiles, with inflated earnings displayed on their dashboards to encourage deeper investment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo 'I was paid Rs 30 every day, and I was allowed to withdraw it after the total earnings crossed Rs 300. As the money was being paid on time and I could withdraw it, they started asking me to invest more. It started with Rs 5,000 and ended at Rs 1,00,000. Finally, they asked me to pay taxes to withdraw the money. But, they did not return it,' states a victim's complaint seen by TOI. Police investigation and warnings The police has resisted around 15 FIRs in Haveri district alone, with cases also surfacing in Bengaluru, Tumakuru, Mangaluru, Hubballi, Dharwad, Kalaburagi, Shivamogga, Ballari, and Bidar. Cybercrime officials are now tracking the digital footprint of the scam's organisers and urging more victims to come forward. Police claimed the scam took more than 800 investors for a ride, adding some had invested upwards of Rs 10 lakh hoping quick returns. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
3 days ago
- Business
- Mint
What is Trump Hotel Rental app scam? 200 Karnataka residents lose over ₹2 crore in AI-backed fraud
In a sophisticated digital scam spanning several districts of Karnataka, over 200 people have allegedly been defrauded of nearly ₹ 2 crore through a bogus mobile application named Trump Hotel Rental. The app, which falsely used AI-generated images of US President Donald Trump to appear credible, promised exorbitant short-term returns under the guise of a luxury hotel investment platform. According to a Times of India report and corroborated by multiple police complaints, the now-defunct app lured users by projecting itself as a high-profile hotel rental venture, exploiting Trump's likeness to gain trust and legitimacy. The platform gained momentum via targeted social media advertisements, particularly across regions such as Bengaluru, Tumakuru, Mangaluru, Haveri, Hubballi, Dharwad, Kalaburagi, Shivamogga, Ballari, and Bidar. You may be interested in Speaking to India Today, Haveri Superintendent of Police Anshukumar revealed that the scam followed a pyramid-style scheme. 'By initially offering modest returns, they won over users' confidence, then promised inflated returns at higher investment levels, before vanishing without a trace,' he said. The app required users to pay a nominal registration fee, typically around ₹ 1,500. In return, some were paid initial amounts— ₹ 500 or small daily sums like ₹ 30—to encourage further investment. Once users' dashboards reflected a balance of ₹ 300, withdrawals were permitted, further convincing victims of the scheme's legitimacy. However, as users invested larger sums, often reaching lakhs, the app stopped functioning and the promoters disappeared. One Bengaluru-based lawyer, in his complaint, stated that he had invested ₹ 6 lakh over a four-month period. 'They even demanded taxes on the so-called earnings before going silent,' he added. According to the TOI report, the fraudulent operation was not limited to fake investments. Several users were assigned bogus 'work-from-home' jobs such as drafting company profiles, with inflated earnings reflected on their dashboards—another ploy to entice deeper engagement and financial input. As of now, over 15 formal complaints have been registered in Haveri district alone. However, police believe the actual number of victims could be significantly higher. SR Ganachari, Inspector at the Cybercrime, Economic Offences and Narcotics (CEN) unit, confirmed that investigations are underway, with officers analysing digital evidence to track the perpetrators. The app and its related online infrastructure have since been dismantled.
Mint
3 days ago
- Business
- Mint
What is Trump Hotel Rental app scam? 200 Karnataka residents lose over ₹2 crore in AI-backed fraud
In a sophisticated digital scam spanning several districts of Karnataka, over 200 people have allegedly been defrauded of nearly ₹ 2 crore through a bogus mobile application named Trump Hotel Rental. The app, which falsely used AI-generated images of US President Donald Trump to appear credible, promised exorbitant short-term returns under the guise of a luxury hotel investment platform. According to a Times of India report and corroborated by multiple police complaints, the now-defunct app lured users by projecting itself as a high-profile hotel rental venture, exploiting Trump's likeness to gain trust and legitimacy. The platform gained momentum via targeted social media advertisements, particularly across regions such as Bengaluru, Tumakuru, Mangaluru, Haveri, Hubballi, Dharwad, Kalaburagi, Shivamogga, Ballari, and Bidar. You may be interested in Speaking to India Today, Haveri Superintendent of Police Anshukumar revealed that the scam followed a pyramid-style scheme. 'By initially offering modest returns, they won over users' confidence, then promised inflated returns at higher investment levels, before vanishing without a trace,' he said. The app required users to pay a nominal registration fee, typically around ₹ 1,500. In return, some were paid initial amounts— ₹ 500 or small daily sums like ₹ 30—to encourage further investment. Once users' dashboards reflected a balance of ₹ 300, withdrawals were permitted, further convincing victims of the scheme's legitimacy. However, as users invested larger sums, often reaching lakhs, the app stopped functioning and the promoters disappeared. One Bengaluru-based lawyer, in his complaint, stated that he had invested ₹ 6 lakh over a four-month period. 'They even demanded taxes on the so-called earnings before going silent,' he added. According to the TOI report, the fraudulent operation was not limited to fake investments. Several users were assigned bogus 'work-from-home' jobs such as drafting company profiles, with inflated earnings reflected on their dashboards—another ploy to entice deeper engagement and financial input. As of now, over 15 formal complaints have been registered in Haveri district alone. However, police believe the actual number of victims could be significantly higher. SR Ganachari, Inspector at the Cybercrime, Economic Offences and Narcotics (CEN) unit, confirmed that investigations are underway, with officers analysing digital evidence to track the perpetrators. The app and its related online infrastructure have since been dismantled. Authorities have cautioned the public to remain vigilant, warning that similar scams could re-emerge under different branding.
Time of India
3 days ago
- Business
- Time of India
Trump App Scam: Over 200 investors from Bengaluru, Mangaluru, Hubballi and other Karnataka districts defrauded of over Rs 2 crore
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel More than 200 investors from Karnataka have reported to cybercrime police that they were cheated out of nearly Rs 2 crore over the past five to six months through a fraudulent app named after US President Donald Trump. The app, called 'Trump Hotel Rental', which featured AI-generated videos and images of Trump, has now been taken down, according to a report by operating the scam convinced investors to deposit money by promising very high returns, sometimes more than 100% profits in a short period. Police said that the scam affected over 800 investors, with some people investing more than Rs 10 lakh, hoping for quick and big have been registered across several police stations in Bengaluru, Tumakuru, Mangaluru, Hubballi, Dharwad, Kalaburgi, Shivamogga, Ballari, Bidar, and Haveri districts. Authorities started investigations following the complaints. SR Ganachari, Circle Police Inspector of the Cybercrime, Economic Offences, and Narcotics (CEN) unit, said that the now-removed app used advertisements that promised high returns, remote work options, and investment to sources quoted by TOI, the app showed a dashboard listing the investor's earnings, which acted as bait to encourage more investment. Ganachari explained, 'Each completed task assigned to an investor appeared to increase their earnings on the app's dashboard, but the money was never real.' In Haveri district alone, 15 cases have been filed. Many more victims have lost money but have not yet come forward to victim, a lawyer, lost nearly Rs 6 lakh between January 25 and April 4 this year. Another victim said they received promotional material for the 'Trump Hotel Rental' app, which led them to download it. The fraudsters asked them to fill forms and provide bank victim's complaint stated: 'I was paid Rs 30 every day and could withdraw the money once my earnings crossed Rs 300. Since payments were on time, I was asked to invest more, starting with Rs 5,000 and eventually Rs 1,00,000. In the end, they asked me to pay taxes to withdraw the money, but the money was never returned.'Police are continuing their investigations into this elaborate from TOI
