32nd Avenue CEO Arrested for Rs 500 Crore Property Fraud

Dhruv Dutt Sharma, the CEO and managing director of 32nd Avenue, a prominent commercial real estate project in Gurugram, has been arrested by the Gurugram Police on allegations of a massive fraud amounting to approximately Rs 500 crore. The arrest follows a series of complaints from investors who claim Sharma sold the same commercial property unit to multiple buyers. According to police reports, Sharma allegedly sold one 3,000 square foot floor of a building in Sector 15, Gurugram, to more than 25 individuals between 2021 and 2023.. The case came to light after Trom Ventures Private Limited filed a complaint in 2021. The company alleged that it had agreed to purchase Unit No. 24, a first-floor commercial space, for Rs 2.5 crore. Despite making the full payment in September 2021 and signing an agreement to sell, the conveyance deed, which legally transfers ownership, was never registered in Trom Ventures' name, even after repeated follow-ups and legal notices.. The investigation revealed that the same unit was subsequently sold to approximately 25 other buyers. To further complicate matters, 30-year lease agreements were reportedly entered into with these buyers under a different firm, Growth Hospitality Private Limited, while the ownership was never legally transferred.. An FIR was initially registered on January 2nd at the Kherki Daula police station, charging Sharma and others with cheating, criminal breach of trust, forgery, and criminal conspiracy.. Subsequently, more complaints emerged, leading to multiple FIRs being registered. The Economic Offences Wing (EOW) of the Gurugram Police is investigating the case. Sharma was produced before a local court and remanded to six days of police custody for further interrogation.. Preliminary investigations suggest that the alleged fraudulent scheme was operational between 2021 and 2023.. Police are examining the bank accounts of Sharma's firms to trace the flow of investors' money.. During preliminary questioning, Sharma reportedly admitted that the conveyance deed was not executed and that the property was sold multiple times.. Some reports indicate that the money collected from investors may have been diverted to luxury investments, including high-end villas in Goa and property purchases in Neemrana, Rajasthan.. Investors had been protesting at the 32nd Avenue complex for months, alleging delays in promised rental payments and dues.. The total number of victims could potentially range between 500 and 1,000, with individual losses estimated between Rs 1 crore and Rs 2.5 crore, putting the total fraud amount between Rs 500 crore and Rs 1,000 crore.. Dhruv Sharma is a US-educated entrepreneur, a Boston University graduate, and was featured in the Forbes 30 Under 30 Asia list in 2018. He had previously founded GuestHouser, a vacation rental platform.. This case has raised significant concerns about investor protection and regulatory oversight in India's commercial real estate sector.. A spokesperson for 32nd Avenue had previously stated that payment delays were due to short-term vacancies and tenant churn, and that the issue with Trom Ventures had been amicably resolved.. However, the ongoing police investigation and multiple FIRs contradict this claim.

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