Gurugram Police Arrest 32nd Avenue CEO in Massive Rs 500 Crore Real Estate Fraud
In a significant development, Gurugram Police have arrested Dhruv Dutt Sharma, the founder, CEO, and managing director of the 32nd Avenue commercial project, in connection with multiple alleged cheating and fraud cases linked to the Gurugram-based "32nd Milestone" complex. Sharma was produced before a local court, which remanded him to six days of police custody on Friday.
Allegations of Multi-Crore Investor Fraud
Police officials stated that Sharma is accused of defrauding investors of nearly Rs 500 crore by allegedly selling the same commercial floor to multiple buyers. The arrest was executed by the Economic Offences Wing following an FIR registered at the Civil Lines police station. The case originated from a complaint filed in January by Tram Ventures Private Limited.
The complaint detailed that in 2021, the company was offered Unit No. 24—a 3,000 sq ft floor on the first level of the 32nd Milestone complex—for Rs 2.5 crore. Although the amount was paid and an agreement to sell was executed, the conveyance deed was never registered in the complainant's name. Subsequent investigations revealed that the same floor had allegedly been sold to at least 25 other individuals between 2022 and 2023.
Complex Web of Deception Unraveled
Police further disclosed that the floor was later taken on a 30-year lease from those buyers in the name of another firm, Growth Hospitality Private Limited. Interrogation of the accused is currently underway as authorities piece together the elaborate scheme.
Judicial Magistrate First Class Devanshi Janmeja on February 5 issued notice on an application filed by investor Arvind Gupta and directed the police to submit an action-taken report. The matter has been listed for further hearing on March 13.
Investor Plea Seeks Comprehensive Action
The plea seeks registration of an FIR and stringent action against 32nd Vistas Private Limited, Growth Hospitality LLP, and their promoters, including Dhruv Dutt Sharma, Shirin Sharma, and Mamta Sharma. It also demands:
- Freezing of bank accounts
- Attachment of assets
- A forensic audit of finances
- Suspension of passports
- Issuance of look-out circulars
According to the complaint, Gupta purchased a commercial unit in the project after being assured of demarcation, guaranteed lease rentals for 30 years, and a buyback option. A long-term lease agreement was executed, promising regular monthly rental income. However, lease-rental payments allegedly stopped from August 2025.
Multiple Financial Violations Alleged
The plea further alleges that the promoters failed to deposit Tax Deducted at Source (TDS) from September 2024 and defaulted on GST dues, statutory filings, and employee-related contributions such as ESI and PF. This has resulted in significant losses to investors, employees, and the public exchequer.
Investors were allegedly misled with claims of "technical issues," and fabricated TDS certificates were circulated despite no deposits reflecting in official records. The complaint also states that despite earning rental income from operational commercial establishments at the project, the promoters failed to clear dues to investors, employees, financial institutions, and statutory authorities.
This raises serious apprehensions that the same units may have been sold to multiple buyers, compounding the fraud. The plea additionally seeks scrutiny of expenditure on promotional campaigns and endorsements involving public figures, while clarifying that no allegations have been made against any celebrity.
Ongoing Police Investigation
Gurugram Police have registered multiple FIRs against the owner and officials linked to 32nd Avenue following protests by investors over alleged non-payment of promised returns. The Economic Offences Wing continues to investigate the complex financial transactions and alleged fraudulent activities surrounding the commercial project.
The case highlights growing concerns about real estate fraud in urban development projects and underscores the need for stricter regulatory oversight in commercial property transactions.
