32nd Avenue CEO Arrested in ₹500 Crore Fraud Case

Who Is 32nd Avenue’s CEO? Gurugram Police Arrest Dhruv Dutt Sharma in ₹500 Crore Investor Fraud Case

Gurugram Police have arrested Dhruv Dutt Sharma, founder, CEO, and managing director of the commercial real estate project 32nd Avenue, over allegations of a massive investment fraud that may exceed ₹500 crore. Authorities claim Sharma duped hundreds of investors by selling the same property units multiple times and promising “assured” rental returns that were never paid.

The arrest has triggered a deeper investigation by the Economic Offences Wing (EOW), as officials attempt to trace funds and uncover the full scale of the alleged real estate scam.

Arrest and Police Remand

Sharma was produced before a Gurugram court on Friday and remanded to six days of police custody. Investigators are now examining property transactions, financial records, and the flow of investor money.

The case involves allegations of cheating, criminal conspiracy, and diversion of funds. Police believe the operation may have been highly organised and systematic.

How Investors Were Allegedly Lured

• According to investigators, investors were attracted with promises of:
• Guaranteed lease rentals for up to 30 years
• Assured monthly income
• Buyback options
• Confirmed demarcation and possession of commercial units

Many individuals reportedly invested crores in the Gurugram-based project based on these assurances.

However, rental payments allegedly stopped from August 2025. Authorities also say statutory dues, including TDS, GST, PF, and ESI, were not deposited despite repeated commitments.

Complaints Triggered the Investigation

The matter came to light nearly two months ago when a group of investors approached the Police Commissioner during a public hearing, alleging large-scale cheating.

Given the seriousness and volume of complaints, the case was transferred to the Economic Offences Wing. So far:

• More than five FIRs have been registered
• Statements from 40–50 complainants have been recorded
• The total number of affected investors is estimated between 500 and 1,000

Officials suspect individual losses range from ₹1 crore to ₹2.5 crore.

Multiple Sales of the Same Units Suspected

Investigators believe several commercial units may have been sold to multiple buyers. This has raised serious doubts about whether actual possession could ever be delivered.

When investors demanded possession or sought to activate buyback clauses, the promoters allegedly expressed their inability to comply, further strengthening concerns of misrepresentation.

Funds Allegedly Diverted to Luxury Assets

During preliminary questioning, Sharma reportedly admitted that investor funds were diverted into high-value personal investments. These allegedly include luxury villas along Goa’s coastline and property purchases in Neemrana, Rajasthan.

The EOW is now working to identify additional beneficiaries and track the diverted money.

Court Petition Seeks Asset Freeze

Separately, a Gurugram court has sought an action-taken report on a petition filed by senior citizen investor Arvind Gupta. The plea accuses the promoters of cheating, forgery, intimidation, and criminal conspiracy.

The complaint names:

• 32nd Vistas Pvt Ltd
• Growth Hospitality LLP
• Dhruv Dutt Sharma
• Shirin Sharma
• Mamta Sharma

The petition has requested freezing of bank accounts, attachment of assets, forensic audits, suspension of passports, and the issuance of look-out circulars.

It also alleges that fabricated TDS certificates were circulated to give investors a false impression of statutory compliance.

Growing Unrest at the Project Site

The plea further claims that despite ongoing rental income from operational restaurants and outlets at the project, payments to investors, employees, and authorities remained pending.

As dues mounted, utilities were reportedly disconnected, protests broke out at the site, and offices were eventually shut.

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