Michael Cohen, Donald Trump’s former lawyer and fixer, is being investigated over $20 million of loans obtained by taxi companies owned by him and his family, according to The New York Times.

His close relationship with the president and the Trump Organisation have made him a pivotal figure in the slew of investigations into alleged collusion between the Trump campaign and Russia.

Federal prosecutors in New York are reportedly investigating him for possible bank and tax fraud, as well as a $130,000 payment to adult film star Stormy Daniels.

He has not been charged with any crime. He and his lawyers declined to comment when contacted by The New York Times.

Details of the size of the investigation come at a time when Mr Trump has revealed his fury at federal prosecutors picking their way through his team.