New York: Former President Donald Trump, who dreams of winning the seat of power for the second time, is facing a series of setbacks. He is already facing criminal charges in many cases and recently the New York court gave him another shock. A penalty of 364 million dollars (about Rs. 3 thousand crores in Indian currency) has been imposed in the case of cheating several banks.

Trump has been accused of defrauding banks and insurance companies by overstating his assets. A case has been registered on charges of fraudulently obtaining business loans and insurance for several years. The New York Attorney General and Democrat leader Letitia James made this claim. The court recently investigated this for two and a half months. In this, the judge issued a verdict on Friday imposing a fine of 365 million dollars on Trump as the charges were proved. Moreover, it has banned him from being an officer or director of any company in New York for three years. As it was a civil case, no jail sentence was imposed. Meanwhile, Trump's lawyers have revealed that they will appeal against this verdict.