According to the claim, they misrepresented “by billions” about the worth of real estate to obtain loans and avoid paying taxes.
The Trump Organization allegedly perpetrated several frauds between 2011 and 2021, according to the prosecution.
The lawsuit has been dismissed by Mr. Trump as “another witch hunt.”
In addition to the former president and his three eldest children, Donald Jr., Ivanka, and Eric Trump, two executives from the Trump Organization, Allen Weisselberg and Jeffrey McConney, were named as defendants.
After a three-year civil investigation, Letitia James, the state’s top lawyer and attorney general of New York, filed the case.
Although her agency lacks the authority to bring criminal charges, it is reporting claims of criminal wrongdoing to the Internal Revenue Service and to federal prosecutors.
“With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system,” Ms James said in a statement.
She claimed that among the assets whose values were allegedly overstated was Mr. Trump’s own penthouse in Trump Tower, which was valued at $327 million (£288 million).
“No apartment in New York City has ever sold for close to that amount,” Ms James added.
“White collar financial crime is not a victimless crime,” the attorney general said.