32nd Avenue CEO arrested in Rs 500-crore fraud, sold same unit to several buyers

The Gurugram Police arrested the founder, CEO, and managing director of the commercial real estate project 32nd Avenue, identified in reports as Dhruv Dutt Sharma, for allegedly orchestrating a real estate fraud estimated at Rs 500 crore or more. Investigators accuse the entrepreneur of duping hundreds of investors by selling the same property units multiple times, promising assured rental returns up to 30 years, and failing to deliver possession or fulfill buyback options.

According to police, rental payments allegedly stopped, and statutory dues such as TDS, GST, PF, and ESI were not deposited despite assurances. Preliminary questioning suggests that funds collected from investors were diverted into luxury investments, including high-end coastal villas in Goa and properties in Neemrana, Rajasthan. The case came to light after investors raised complaints at a public hearing, prompting the Economic Offences Wing (EOW) to register multiple FIRs.

Alongside the police investigation, a Gurugram court sought an action-taken report on a separate plea filed by an investor. That application named corporate entities and promoters, seeking asset attachments, forensic audits, and look-out circulars. Authorities are continuing their probe into the money trail, additional beneficiaries, and the extent of the fraudulent property transactions.

Not yet reported: The reports do not specify the final total number of individual complainants who will ultimately participate in the ongoing court proceedings or the final judicial outcome of the remand.