32nd Avenue CEO Dhruv Sharma arrested for ₹500 crore real estate fraud

Dhruv Dutt Sharma, the founder, CEO, and managing director of the prominent Gurugram-based real estate project 32nd Avenue, has been arrested by the Gurugram Police in connection with an alleged massive fraud amounting to approximately ₹500 crore. The arrest, made by the Economic Offences Wing (EOW), follows numerous complaints from hundreds of investors who claim to have been duped. The core of the allegations centers on Sharma's purported practice of selling the same commercial property units multiple times to different buyers, while also failing to deliver on promised 'assured' rental returns. Investors reported that rental payments ceased around August 2025, and statutory dues such as TDS, GST, PF, and ESI were not deposited despite repeated assurances from the developers. The scale of the alleged fraud came to light when investors approached the Police Commissioner's public hearing approximately two months prior to the arrest, leading to the EOW taking over the investigation. So far, over five First Information Reports (FIRs) have been registered, with statements recorded from 40-50 complainants. However, officials estimate that the number of affected investors could range between 500 and 1,000, with each investor allegedly defrauded of sums between ₹1 crore and ₹2.5 crore. This suggests a highly organized operation designed to deceive a large number of individuals. Police investigations indicate that Sharma, along with associates, allegedly employed fake or copied paperwork to mislead buyers and facilitate multiple sales of the same property. The fraud was reportedly discovered when victims attempted to claim possession or verify registration records, revealing overlapping ownership claims. Sharma was produced before a court and remanded to six days of police custody to allow for a detailed probe into the financial transactions and property dealings. The EOW is examining bank data, property records, and electronic communications to trace the money trail and ascertain the full extent of the scam. Dhruv Sharma, 34, is a US-educated entrepreneur and a notable figure in the Indian startup ecosystem. He previously founded GuestHouser, a vacation rental platform described by Forbes as "India's version of Airbnb". For this venture, he was recognized on the Forbes 30 Under 30 Asia list in 2018. Since 2015, he has been involved in developing 32nd Avenue, a mixed-use lifestyle development in Gurugram known for its European-style architecture, which houses various restaurants, cafes, and retail outlets. The project itself has received accolades, including a Times Food Award for Best Entertainment and Food & Beverage Hub in Delhi NCR. The case has raised significant concerns regarding transparency and investor safety within India's high-value real estate market. Authorities are reportedly investigating whether other individuals or entities were involved in the scheme, and additional arrests are possible. The incident highlights the risks associated with property fraud and mismanagement in commercial deals, prompting calls for increased regulatory oversight and due diligence by potential investors. While one report indicated that a spokesperson for 32nd Avenue claimed the issue with one complainant (Trom Ventures Private Limited) had been amicably resolved, the broader investigation into the alleged ₹500 crore fraud is ongoing. The alleged scam spanned from 2021 to 2023, involving sophisticated methods to deceive investors. The scale of the alleged fraud, involving hundreds of investors and a potential loss of ₹500 crore, underscores the gravity of the situation. The Gurugram Police's Economic Offences Wing is actively pursuing leads to uncover the full extent of the financial irregularities and bring all responsible parties to justice. It is important to distinguish this Dhruv Sharma from other individuals with the same name, including a contemporary singer and a Kannada actor who passed away in 2017.

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