Gurugram: Dhruv Dutt Sharma, the 34-year-old founder and chief executive officer of the 32nd Avenue commercial real estate project, was arrested by the Economic Offences Wing (EOW) of Gurugram Police on Friday in connection with a massive ₹500 crore cheating case that has left hundreds of investors alleging financial wrongdoing.
Sharma, a resident of DLF Camellias on Golf Course Road and well-known in real estate and business circles, was produced before a local court and remanded to six days of police custody. Authorities say the alleged fraud may have impacted as many as 800 to 1,000 investors, and unofficial estimates suggest the total amount involved could exceed ₹1,000 crore.
Sharma allegedly lured investors with promises of fixed returns backed by long-term leasing arrangements — assurances of steady income for up to 30 years in exchange for investments in commercial units at the 32nd Avenue project, reported Hindustan Times. Investors claim Sharma even advertised larger 200 sq ft spaces but later found only 100 sq ft of actual property rights in their names.
Investigators also discovered that ownership rights for the same property were transferred to at least 25 different investors between 2022 and 2023. Despite multiple buyers paying for the space, the conveyance deeds were not consistently registered in their names.
An FIR filed on January 2 by Traum Ventures Pvt Ltd alleged that a 3,000 sq ft commercial unit was sold in September 2021 for ₹2.5 crore, but the complainant never received clear title to the property. Police said this first-floor space, along with other units, was later sold repeatedly to different buyers — a practice that raised alarms in the probe.
In some cases, Sharma reportedly executed agreements with investors to lease back spaces under long-term contracts, while rental payments stopped entirely after August 2025, prompting complaints that promised returns had ceased. Investors also allege that Sharma failed to pay statutory dues such as TDS, GST, PF and ESI, and employees have claimed salaries have gone unpaid since September 2025.
Deputy commissioner of police (West) Karan Goel, as reported by HT, said the 32nd Avenue CEO duped 800 to 1,000 investors in the last 10 years and also didn’t deposit TDS to the Income Tax Department which he had deducted from the rental income of the investors.
Police say Sharma is proprietor of multiple companies, including 32nd Vistas Pvt Ltd and Growth Hospitality LLP, and relatives are listed as directors in some of these firms. The FIR also names several related entities and family members as accused.
The EOW has registered at least five FIRs so far against Sharma and his associated firms, with investors reporting similar allegations of unpaid returns and fraudulent property dealings. Authorities have also sent intimation to the Enforcement Directorate (ED) to examine whether money-laundering provisions should be invoked in the case while tracing where investor funds were directed.
