Gurugram’s 32nd Avenue CEO Dhruv Sharma arrested in ₹500 Cr scam for allegedly selling same property to 25 buyers

Dhruv Dutt Sharma, founder, CEO and managing director of the commercial real estate project 32nd Avenue in Gurugram, was arrested this week by the Economic Offences Wing (EOW) of the Gurugram Police in connection with an alleged ₹500 crore scam.

What actually happened?

The multifaceted fraud centres on a single 3,000 sq ft commercial floor at the 32nd Avenue complex that was reportedly sold to more than 25 different buyers over a span of years, despite no proper execution of conveyance deeds in favour of a sole owner.

The scheme allegedly unfolded through a web of agreements, long-term lease assurances and deferred documentation that enabled repeated monetisation of the same property.

This caused a serious breach of trust, leaving hundreds of investors and buyers alleging significant losses.

The case first came to light in 2021 when Tram Ventures Private Limited lodged a complaint alleging that it had paid around ₹2.5 crore for the property but never received the rightful ownership documentation.

Subsequent investigations revealed that similar deals were concluded with at least 25 other investors between 2022 and 2023, raising red flags about human layers of fraud and systemic misrepresentation.

According to police officials, the accused not only sold the same floor repeatedly but also entered into 30-year lease agreements on the same space with all the buyers through a related firm, Growth Hospitality Private Limited, further complicating the financial entanglements and potential recovery efforts.

Sharma, 34, who was once featured on the Forbes 30 Under 30 list and widely celebrated in real estate circles for transforming the once-known 32nd Milestone into a premium lifestyle destination, was produced before a local court and remanded to six days’ police custody for interrogation as the investigation intensifies.

The fallout has prompted multiple FIRs against Sharma and associated promoters, with police also alerted to possible money laundering dimensions and additional investor complaints still being consolidated.

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