Criticism mounts against the New York City Mayor over a controversial $53 million contract awarded to Mobility Capital Finance, touted as a ‘minority-owned’ firm, raising questions about potential conflicts of interest and the lack of competitive bidding.

The contract entails substantial fees for services provided by Mobility Capital Finance, including a hefty one-time set-up fee of $125,000, annual management fees totaling $250,000, and significant payouts of $1.5 million for the first $50 million disbursed and $2.5 million for subsequent amounts.

Of particular concern is the absence of stringent measures such as ID checks, fraud controls, and restrictions, raising alarms about potential misuse of public funds.

Councilmember Gale Brewer has called for an investigation into the mayor’s ties to the firm and the rationale behind awarding such a sizable contract without exploring alternatives that could potentially offer better value for taxpayers.

According to the terms of the contract, cards issued by the firm are capped at $10,000, with automatic refills scheduled every four weeks, further fueling concerns about oversight and accountability.

Despite assurances from the mayor regarding the benefits of supporting minority-owned businesses, critics question the transparency and fairness of the contracting process, particularly given the mayor’s close ties to certain individuals.

While the mayor vehemently denies any personal relationship with the owner of Mobility Capital Finance, asserting that they do not socialize together, calls for a thorough investigation into the matter intensify, with many demanding accountability and transparency in government dealings.

WATCH: