President Donald Trump. Photo: Andrew Harrer - Pool/Getty Images

A bombshell New York Times investigation released Tuesday has reportedly prompted the New York State Department of Taxation and Finance to launch a review into allegations that Donald Trump participated in "dubious" tax schemes in the 1990s and raked in millions of dollars from his father's real estate empire.

The details: A spokesman from the state agency told CNBC they are "reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation." Per the Times, the Trump family committed "instances of outright fraud," and that Donald Trump received at least $413 million in today’s dollars from his father’s empire — much of it through tax dodges in the 1990s. Trump's lawyer Charles Harder has denied any allegations of fraud and tax evasion, telling the publication "the facts upon which The Times bases its allegations are extremely inaccurate."

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