The article clearly states who he defrauded. He inflated his net worth in order to obtain loans. Didn't he admit it?
Trump and executives at his company, including his sons Donald Trump Jr. and Eric Trump, attempted to blame exaggerated financial statements that were the heart of New York Attorney General Letitia James’ fraud case on the accountants who compiled them. Engoron disagreed..Michael Cohen said that Trump told them to inflate the numbers.