The arrest of Dhruv Dutt Sharma, founder and CEO of Gurugram’s 32nd Avenue commercial hub, has pulled back the curtain on what police describe as a planned, large-scale real estate fraud that may have duped hundreds of investors.
Gurugram Police arrested Sharma on Friday in connection with allegations that commercial units were sold multiple times, assured rental returns were promised but not paid, and funds were diverted for luxury investments. Officials estimate the fraud could be worth ₹500 crore or more. He was produced before a court and sent to six days of police remand as the Economic Offences Wing (EOW) began tracing the money trail.
Who is Dhruv Dutt Sharma?
Sharma, 34, is a US-educated entrepreneur and the man behind the European-style mixed-use development 32nd Avenue, known for its restaurants, cafes and retail outlets.
A Boston University graduate, he earlier founded GuestHouser, a vacation rental platform, and was featured in the Forbes 30 Under 30 Asia list in 2018.
Since 2015, he has overseen 32nd’s real estate ventures across Delhi NCR, Hyderabad and Goa. He is also described as a director of 32nd Milestone (also known as 32nd Avenue) and a resident of DLF Camellias in Gurugram.
How did the 32nd Avenue founder unfold the scam?
Step 1: The pitch: assured returns and long leases
According to police, Sharma and his associates allegedly lured investors with guaranteed lease rentals for up to 30 years, along with buyback options and regular monthly income.
Buyers were persuaded to invest crores in commercial units at the Gurugram-based project after being assured of demarcation and possession.
In several cases, agreements to sell were executed, and rental payments were initially made, a factor that investigators say masked the alleged irregularities.
In one complaint filed in January by a representative of Tram Ventures Pvt Ltd, the complainant alleged that in 2021, directors and shareholders of Apra Motels, later renamed 32 Milestone Vistas Pvt Ltd, offered to sell a 3,000 sq ft commercial unit (Unit No. 24) on the first floor of the 32nd Milestone complex. The deal was reportedly finalised at ₹2.5 crore on 21 September 2021.
While an agreement to sell was executed, the conveyance deed transferring ownership was allegedly never registered, despite repeated follow-ups. A legal notice was issued in October 2023, but received no response.
Step 2: Selling the same unit multiple times
The turning point came during internal checks by the complainant company, which allegedly discovered that between 2022 and 2023, the conveyance deed for the same floor had been executed in favour of 25 different individuals.
Police registered an FIR at the Civil Lines police station under sections related to cheating and criminal conspiracy. Investigators estimate that in some instances, a single floor of a commercial building was sold to more than 25 buyers.
Officials also suspect that several units were sold to multiple buyers, raising doubts about whether genuine possession could ever be delivered. When investors demanded possession or invoked buyback clauses, the promoters allegedly stated they could not comply, further strengthening fears of systematic misrepresentation.
Step 3: Leasebacks and alleged fund diversion
According to Gurugram Police, Sharma allegedly admitted during preliminary questioning that the floor sold to the complainant was never transferred in its name and was instead sold to multiple buyers. Police further claimed that the same floor was later leased for 30 years to those buyers in the name of another firm, Growth Hospitality Pvt Ltd.
Meanwhile, rental payments allegedly stopped in August 2025. Police say statutory dues, including TDS, GST, PF and ESI, were not deposited despite repeated assurances.
During preliminary questioning, Sharma allegedly admitted that money collected from investors was diverted to luxury investments, including high-end villas along Goa’s coastline and property purchases in Neemrana, Rajasthan.
The scale: Hundreds of investors, multiple FIRs
The case surfaced around two months ago when investors approached the Police Commissioner’s public hearing, alleging large-scale cheating. Given the scale of the complaints, the matter was handed over to the EOW.
Officials said that over five FIRs have been filed so far, with statements recorded from 40–50 complainants. The actual number of duped individuals may range between 500 and 1,000, with each investor suspected to have been cheated of Rs 1 crore to Rs 2.5 crore.
Recently, Gurugram Police also registered FIRs against owners and officials linked to 32nd Avenue after investors protested over unpaid promised returns.
