UP Couple Accuses Gurgaon Firm of Rs 64 Lakh Fraud in Commercial Investment Scheme
In a significant development, a couple from Uttar Pradesh has filed a First Information Report (FIR) against the developers and associated entities of Gurgaon's 32nd Avenue commercial project, alleging a massive fraud of Rs 64 lakh. The complaint, registered at the Civil Lines police station in December, accuses the accused of misrepresentation, cheating, and criminal breach of trust in a pre-leased commercial space investment.
Allegations of Deceit and Financial Loss
According to the FIR, the couple was approached with a proposal to invest in what was described as a high-yielding commercial investment scheme. The accused, including CEO Dhruv Sharma and his family members, allegedly presented themselves as joint owners of 3.95 acres at the 32nd Milestone Complex. They promised a lucrative deal for the 32 Avenue project, assuring a 30-year lease with fixed monthly rental income, a 10% annual escalation every three years, and property value appreciation.
The couple purchased a first-floor unit for Rs 64 lakh in September 2023. Following this, a conveyance deed was executed and registered before the Wazirabad Sub-Registrar, along with an allotment letter, a leasing rights agreement in favor of Apra Motels, and a lease deed in favor of Growth Hospitality LLP.
However, the situation took a turn for the worse after the initial 1-2 years. The complainants alleged that the accused suddenly stopped paying rent without prior notice, ceased responding to calls and messages, and even restricted their entry to the property, citing frivolous contract-related reasons.
Fake Signboards and Misrepresentation
One of the most striking allegations in the FIR is the use of fake and fabricated signboards during a site visit. The accused reportedly displayed these signboards to suggest long-term leases with renowned brands, creating an illusion of stability and profitability. Upon inspection, it was revealed that only short-term, unregistered 11-month agreements were in place, contradicting the promised long-term commitments.
The couple further claimed that the accused falsely asserted they had several ongoing commercial ventures and long-term leases with various vendors at the time of proposal. This, they argued, was a deceitful act designed to entice and manipulate innocent buyers, leading to unlawful gains from hard-earned money.
Additionally, the complainants alleged that the accused deducted Tax Deducted at Source (TDS) and issued Form 16A but failed to deposit the amounts, indicating mala-fide intent. These actions have reportedly caused grave and irreparable financial loss, injury, and severe mental harassment to the investors.
Protests and Wider Investor Concerns
This case is not isolated. For the past few months, groups of people have been gathering at the complex in Gurgaon's Sector 15 to protest against alleged delays in rental payments. Many investors claim they have not received promised dues since September last year, highlighting broader issues within the project.
The FIR charges the accused with criminal conspiracy, criminal breach of trust, cheating, dishonestly inducing delivery of property, and forgery, underscoring the seriousness of the allegations.
Company's Response and Investigation Status
In response to the allegations, a company spokesperson issued a statement on Tuesday, addressing the delays in rental payments. The spokesperson stated that recent delays have been driven by a short-term vacancy in a limited portion of the Gurgaon property, arising from normal tenant churn and a change in tenancy. Replacement leasing is already underway and being prioritized, according to the statement.
The spokesperson expressed regret over the reputational impact on a brand widely regarded as a customer and investor favorite, attributing it to cyclical vacancy in a minority of spaces despite decades of strong operational performance. The company remains confident in ensuring investor security and stability going forward.
Regarding the FIR, the company is reviewing the claims internally and has committed to cooperating fully with relevant processes while maintaining transparency and responsibility with all stakeholders.
An Economic Offences Wing official of the Gurgaon Police confirmed that an investigation is currently underway into the matter, indicating that legal proceedings are in motion to address the allegations.
