32nd Avenue chief held in ₹500-crore real estate scam

The Gurugram Police have arrested real estate entrepreneur Dhruv Dutt Sharma, founder, CEO and managing director of the commercial project 32nd Avenue, for allegedly orchestrating a large-scale fraud by selling the same property units to multiple investors while promising guaranteed rental returns that never materialized.

Investigators estimate the scam at ₹500 crore or more, with hundreds of investors allegedly duped through a web of misleading assurances, fund diversion and criminal conspiracy. Sharma was produced before a local court on February 6 and remanded to six days of police custody, as the Economic Offences Wing (EOW) launched an extensive probe into the money trail and property transactions.

According to police, Sharma and associated entities lured investors by offering assured lease rentals for up to 30 years, along with buyback guarantees and steady monthly income. Buyers were persuaded to invest crores in commercial units at the Gurugram-based project after being assured of clear demarcation and timely possession.

However, rental payments allegedly stopped in August 2025, while statutory dues—including TDS, GST, PF and ESI—were not deposited despite repeated commitments. As investors pressed for possession or attempted to invoke buyback clauses, the promoters reportedly expressed inability to honor the agreements, fuelling suspicions of systematic misrepresentation.

The case came to light nearly two months ago when a group of investors approached the Police Commissioner’s public hearing, alleging massive cheating. Given the scale and gravity of the complaints, the matter was transferred to the EOW, which has since registered over five FIRs under serious penal provisions.

Officials said statements have been recorded from 40–50 complainants, though the total number of affected investors could be between 500 and 1,000. Each investor is suspected to have suffered losses ranging from ₹1 crore to ₹2.5 crore, pointing to what police describe as a highly organised operation.

Investigators also suspect that several commercial units were sold to multiple buyers, casting serious doubt on whether genuine possession could ever have been delivered. During preliminary questioning, Sharma allegedly admitted that funds collected from investors were diverted to luxury assets, including high-end villas along Goa’s coastline and property purchases in Neemrana, Rajasthan.

Parallel to the police action, a Gurugram court has sought an action-taken report on a plea filed by senior citizen investor Arvind Gupta, who has accused the promoters of cheating, forgery, intimidation and criminal conspiracy. The plea names 32nd Vistas Pvt Ltd, Growth Hospitality LLP, and promoters Dhruv Dutt Sharma, Shirin Sharma and Mamta Sharma.

The application seeks freezing of bank accounts, attachment of assets, forensic audits, suspension of passports and issuance of lookout circulars to prevent the accused from fleeing the country. Gupta has also alleged that fabricated TDS certificates were circulated to falsely project statutory compliance.

The plea further claims that despite rental income from operational restaurants and outlets at the project, dues to investors, employees and government authorities remained unpaid. Utilities were allegedly disconnected, protests broke out at the site, and offices were eventually shut down.

In recent weeks, the Gurugram Police have also registered additional FIRs against owners and officials linked to the 32nd Avenue retail and entertainment hub following investor protests over unpaid promised returns.

With Sharma now in custody, the EOW said its focus will be on tracing diverted funds, identifying other beneficiaries and verifying whether properties were repeatedly sold, as investigators piece together what they believe is a planned, large-scale real estate fraud.