New York prosecutors have convened a grand jury to consider whether to indict former President Trump and Trump Organization executives as part of a criminal investigation into the company, the Washington Post first reported Tuesday.

Why it matters: The reported development signals an escalation in the two-year investigations into Trump Organization's finances by the Manhattan district attorney's office and the New York attorney general's office, which last week announced a joint criminal probe into the former president and his company.

Driving the news: The investigations are looking into potential bank, tax and insurance fraud. Trump denies any wrongdoing.

• They include "scrutiny of Trump’s relationship with his lenders; a land donation he made to qualify for an income tax deduction; and tax write-offs his company claimed on millions of dollars in consulting fees it paid," AP reports.
• The recently convened jury will gather three days a week for six months, according to WashPost.
• The group is expected to hear several other matters during this time, according to the Post and AP.

What they're saying: Representatives for the Trump Organization did not immediately respond to Axios' request for comment. But Trump said last week the allegations against him were "false" and the investigation "is in desperate search of a crime."

• Representatives for New York Attorney General Letitia James (D) and Manhattan District Attorney Cyrus Vance declined to comment on the matter.

Go deeper:Donald Trump's legal troubles become criminal