GURGAON: Gurugram Police arrested Dhruv Dutt Sharma, founder, CEO and managing director of the 32nd Avenue commercial project, he allegedly defrauded approximately Rs 500 crore, after selling a floor of a building to over 25 people, police said. He was produced before a local court, which remanded him to six days’ police custody on Firday. Police said Sharma is accused of defrauding investors of nearly Rs 500 crore by allegedly selling the same commercial floor to multiple buyers. The arrest was made by the Economic Offences Wing following an FIR registered at the Civil Lines police station. The case originates from a complaint filed in January by Tram Ventures Private Limited, which alleged that in 2021 it was offered Unit No. 24 — a 3,000 sq ft floor on the first level of the 32nd Milestone complex — for Rs 2.5 crore as reported by news agency PTI. Although the amount was paid and an agreement to sell executed, the conveyance deed was never registered in the complainant’s name. Subsequent inquiry revealed that the same floor had allegedly been sold to at least 25 other individuals between 2022 and 2023. Police said the floor was later taken on lease for 30 years from those buyers in the name of another firm, Growth Hospitality Private Limited. Interrogation of the accused is underway. Judicial Magistrate First Class Devanshi Janmeja on February 5 issued notice on an application filed by investor Arvind Gupta and directed the police to submit an action-taken report. The matter has been listed for further hearing on March 13. The plea seeks registration of an FIR and stringent action against 32nd Vistas Private Limited, Growth Hospitality LLP and their promoters, including Dhruv Dutt Sharma, Shirin Sharma and Mamta Sharma. It also seeks freezing of bank accounts, attachment of assets, a forensic audit of finances, suspension of passports and issuance of look-out circulars. According to the complaint, Gupta purchased a commercial unit in the project after being assured of demarcation, guaranteed lease rentals for 30 years and a buyback option. A long-term lease agreement was executed, promising regular monthly rental income. However, lease-rental payments allegedly stopped from August 2025. The plea further alleges that the promoters failed to deposit Tax Deducted at Source (TDS) from September 2024 and defaulted on GST dues, statutory filings and employee-related contributions such as ESI and PF, resulting in losses to investors, employees and the public exchequer. Investors were allegedly misled with claims of “technical issues”, and fabricated TDS certificates were circulated despite no deposits reflecting in official records. It also alleges that despite earning rental income from operational commercial establishments at the project, the promoters failed to clear dues to investors, employees, financial institutions and statutory authorities, raising apprehensions that the same units may have been sold to multiple buyers. The plea also seeks scrutiny of expenditure on promotional campaigns and endorsements involving public figures, while clarifying that no allegations have been made against any celebrity. Gurugram Police have registered multiple FIRs against the owner and officials linked to 32nd Avenue following protests by investors over alleged non-payment of promised returns.(With agency inputs)
