Gurugram Real Estate Mogul Arrested in Massive ₹500 Crore Fraud Case
The arrest of Dhruv Dutt Sharma, the prominent entrepreneur behind Gurugram's celebrated 32nd Avenue commercial hub, has ignited a firestorm of concern regarding investor protection and regulatory failures within India's commercial real estate industry. This high-profile case underscores deep-seated vulnerabilities in a sector that has long been a magnet for substantial capital investments.
Details of the Arrest and Allegations
Gurugram Police took Sharma into custody on Friday, linking him to an elaborate cheating operation of staggering proportions. The core allegation revolves around the fraudulent sale of a single commercial floor within a building to more than 25 separate buyers. Police authorities have indicated that the total financial scale of the complaints filed could approximate a colossal ₹500 crore, highlighting the magnitude of the suspected deception.
Sharma, serving as a director of 32nd Milestone, the entity operating 32nd Avenue, was presented before a local court and subsequently remanded to six days of police custody. The investigation is being spearheaded by the Economic Offences Wing (EOW) of the Gurugram Police, signaling the serious economic nature of the alleged crimes.
Profile of the Accused: From Forbes List to Fraud Accusations
Dhruv Sharma, 34, is a US-educated entrepreneur with a seemingly illustrious background. A graduate of Boston University, he previously founded GuestHouser, a vacation rental platform, and earned a spot on the prestigious Forbes 30 Under 30 Asia list in 2018. Since 2015, he has been at the helm of 32nd's real estate ventures, expanding operations across Delhi NCR, Hyderabad, and Goa. His arrest marks a dramatic fall from grace for a figure once celebrated in business circles.
The Complaint That Unraveled the Scheme
The investigation was triggered by a formal complaint lodged in January by a representative of Tram Ventures Pvt Ltd. According to police documents, the complainant alleged that in 2021, directors and shareholders of Apra Motels, later rebranded as 32 Milestone Vistas Pvt Ltd, approached them with an offer to purchase a 3,000 square foot commercial unit on the first floor of the 32nd Milestone complex.
The transaction was finalized at ₹2.5 crore, with payment completed on September 21, 2021. While an agreement to sell was executed, the complainant asserts that the crucial conveyance deed, which legally transfers ownership, was never registered despite persistent follow-up attempts.
Police reports state that the complainant issued a legal notice in October 2023 but received no response. Interestingly, rent for the floor continued to be paid to the complainant as per the initial agreement, a factor that initially concealed the alleged irregularities and allowed the scheme to persist.
Uncovering the Multi-Buyer Scam
During subsequent internal audits, the complainant company made a shocking discovery: between 2022 and 2023, the conveyance deed for the identical floor had allegedly been executed in favor of 25 different individuals. This revelation prompted the filing of a First Information Report (FIR) at the Civil Lines police station under sections pertaining to cheating and criminal conspiracy.
According to Gurugram Police, Sharma reportedly admitted during preliminary questioning that the floor sold to the complainant was never transferred into their name and was instead sold to multiple buyers. Authorities further allege that the same floor was later taken on a 30-year lease from those buyers in the name of another firm, Growth Hospitality Pvt Ltd, adding another layer of complexity to the alleged fraud.
Ongoing Investigation and Broader Implications
Police have identified Sharma as a resident of DLF Camellias in Gurugram. Investigators are now diligently working to map the full extent of the alleged fraud, identify all other beneficiaries, and meticulously trace the financial transactions associated with these deals.
The case has captured significant public attention, particularly on social media platforms, where users are vocally questioning how such extensive fraudulent transactions could evade detection for years. There is a growing chorus demanding stricter safeguards and enhanced due diligence for buyers investing in pre-leased or assured-return commercial properties, which are often marketed as low-risk investments.
As the probe by the Economic Offences Wing continues to unfold, its findings and eventual outcome are poised to be scrutinized by investors, developers, and regulatory bodies across the nation. This incident arrives at a time of increasing scrutiny over transparency, compliance, and ethical practices within India's booming commercial real estate market, potentially prompting calls for systemic reforms to prevent similar scandals in the future.
