We have the grounds to investigate Trump and his company for tax fraud: Manhattan DA
(AFP/File / Brendan Smialowski)

Manhattan District Attorney Cy Vance announced Monday that his office has grounds to investigate President Donald Trump for tax fraud.

The New York Times reported that Vance's office gave details about the investigation that it has been working on for the past two years. It's the first time he revealed the specifics about any possible charges publicly.

Vance is the DA who subpoenaed Trump's taxes last year, only to be blocked at every turn by Trump's lawyers. But the Supreme Court, including one of Trump's own appointees, ruled against his efforts to quash the subpoena. Vance requested eight years of Trump's tax returns.

Trump's lawyers alleged that it was all a political hitjob from Vance, but in the new filing, Vance explained that at no point had he directly accused the president, his businesses or Trump associates of any wrongdoing.

"However, prosecutors listed news reports and public testimony that alleged misconduct by Mr. Trump and his businesses," said the Times. "The reports, prosecutors wrote, would justify a grand jury inquiry into a range of possible crimes, including tax and insurance fraud and falsification of business records. It was the first time the office had included tax fraud among the possible areas of investigation."

“Even if the grand jury were testing the truth of public allegations alone, such reports, taken together, fully justify the scope of the grand jury subpoena at issue in this case,” the prosecutors said in the filing.

Read the full report at the New York Times.