Some observers have wondered why—despite what appears to be an extensive investigation—the Manhattan District Attorney’s office has not yet charged former President Donald Trump with any crime.

No one outside of the Manhattan D.A.’s office, the State Attorney General’s office and a recently empaneled Special Grand Jury knows for certain what subjects are embraced by that investigation. Nevertheless, press reports based upon what appear to be well-informed sources indicate that one allegation at the heart of the potential case against President Trump (and/or the Trump Organization) is that the President falsely inflated the value of certain real estate holdings when applying for a loan from Deutsche Bank (and other lenders, including Ladder Capital)—as demonstrated by his property tax returns and by his ethics disclosure forms, which provide much lower estimated values for the very same properties.