New York mayor Bill de Blasio (D) on Wednesday said the city is "looking to recoup" money from President Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE after a bombshell New York Times investigation revealed the president and his family used shady financial maneuvers to avoid paying millions of dollars in taxes.

De Blasio, who who often spars with the president, on Monday warned that Trump could face civil penalties over the instances of fraud outlined in the Times report, according to Bloomberg News.

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"It’s clear to me that there are real ramifications right now to what has been disclosed, either potential violations of law, or in cases where the statute of limitations has ended that there may be very serious civil penalties that can be applied by both the state and the city,” de Blasio said.

“The city of New York is looking to recoup any money that Donald Trump owes the people of New York City, period," he added, according to the news outlet.

New York state tax officials on Tuesday launched a review into allegations laid out in the Times article, which reported Trump engaged in "dubious tax schemes" in the 1990s that helped him accrue millions of dollars in wealth from his father's real estate business.

De Blasio in his Wednesday remarks pointed to Trump's history as a notorious New York businessman, saying he "evaded the kind of regulation and investigation and prosecution he should have received many times over."

The two-term mayor called the Times investigation an "indictment of the culture of New York City."

"There was a good old boy network that obviously Donald Trump played like a fiddle," de Blasio said.

Though the statute of limitations has passed for many of the alleged schemes by Trump and his family, there is no time limit on civil penalties for tax fraud, the Times noted.