Gurugram 32nd Avenue CEO Dhruv Sharma arrested for 'selling same property to 25 buyers' in Rs 500 crore fraud

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• Dhruv Dutt Sharma arrested for alleged Rs 500 crore property fraud in Gurugram
• Sharma accused of selling same commercial floor to 25 buyers at 32nd Avenue
• Police probe ongoing; case highlights need for verifying property documents

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Gurugram police have arrested Dhruv Dutt Sharma, founder, CEO, and managing director of the commercial real estate project 32nd Avenue, in connection with an alleged large-scale property fraud.

Investigators say Sharma is accused of cheating buyers by selling the same commercial floor to multiple individuals, with the total amount involved estimated at around Rs 500 crore.

Sharma was produced before a Gurgaon court on Friday, which sent him to six days of police custody. The arrest followed an investigation by the Economic Offences Wing, which is probing transactions carried out between 2021 and 2023.

According to the police, the case centres on a single floor of a building at the 32nd Milestone complex in Sector 15, Gurgaon, measuring about 3,000 square feet.

Complaint that triggered the probe

The case was initiated after a complaint filed by Trom Ventures Private Limited. As per the complaint, the company was offered Unit No. 24, a first-floor commercial space, for Rs 2.5 crore. The entire amount was paid in September 2021, and an agreement to sell was executed.

However, the complainant alleged that despite repeated follow-ups, the conveyance deed was never registered in its favour. Notices were sent again in October 2023, but there was no response from the developer.

Police officials said subsequent verification revealed that the same floor had allegedly been sold to as many as 25 different buyers.

Alleged leasing arrangement

Investigators have also pointed to a complex leasing arrangement connected to the same property. According to police, after selling the floor to multiple individuals, long-term leases of the same space were taken from all 25 buyers for a period of 30 years through another firm, Growth Hospitality Private Limited.

A Gurugram police spokesperson said, “During preliminary investigation, Sharma revealed that he and his associates had finalised a deal in 2021 for the first floor of 32 Milestone Building for Rs 2.5 crore. The conveyance deed was not executed, and the same floor was later sold to 25 other individuals.”

FIR and police action

Based on Trom Ventures’ complaint, an FIR was registered earlier this year alleging cheating, criminal breach of trust, forgery, and criminal conspiracy. The case was initially lodged at the Kherki Daula police station, while related proceedings were also taken up at the Civil Lines police station.

Police officials said Sharma’s interrogation is ongoing and that financial trails and related documents are being examined to identify the role of associates and the full extent of the alleged fraud.

Company response and wider impact

A spokesperson for 32nd Avenue told The Indian Express that the dispute with Trom Ventures had been “amicably resolved” following a mutual understanding. The company has also stated that recent delays in payments to some investors were due to short-term vacancies caused by routine tenant churn.

Meanwhile, the case has drawn attention within the real estate sector, underlining the importance of verifying title documents and ensuring conveyance deeds are duly registered before making large property investments.