The Gurugram Police has arrested real estate entrepreneur Dhruv Dutt Sharma, founder, CEO, and managing director of the commercial real estate project 32nd Avenue, for allegedly duping hundreds of investors by selling the same property units multiple times and promising ‘assured’ rental returns that never materialised.
The arrest followed complaints of large-scale cheating, fund diversion and criminal conspiracy, with officials estimating the fraud to be worth Rs 500 crore or more. Sharma was produced before a court on Friday and sent on six days of police remand as the Economic Offences Wing (EOW) began a detailed probe into the money trail and property transactions.
According to police, Sharma lured investors by offering guaranteed lease rentals for up to 30 years, along with buyback options and regular monthly income. Many buyers were persuaded to invest crores in commercial units at the Gurugram-based project after being assured of demarcation and possession. However, rental payments allegedly stopped from August 2025, and statutory dues including TDS, GST, PF and ESI were not deposited despite repeated assurances.
The case surfaced around two months ago when investors approached the Police Commissioner’s public hearing, alleging massive cheating. Given the scale of the complaints, the matter was handed to the EOW, which registered multiple FIRs under serious sections.
Officials said that over five FIRs have been filed so far, with statements recorded from 40–50 complainants, while the actual number of duped individuals may range between 500 and 1,000. Each investor is suspected to have been cheated of Rs 1 crore to Rs 2.5 crore, indicating a highly organised operation.
Police 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 expressed inability to comply, strengthening fears of systematic misrepresentation.
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.
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 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 has sought freezing of bank accounts, attachment of assets, forensic audits, suspension of passports and issuance of look-out circulars to prevent the accused from fleeing the country. Gupta alleged that fabricated TDS certificates were circulated to mislead investors into believing statutory compliance had been done.
The plea also claimed that despite rental income from operational restaurants and outlets at the project, dues to investors, employees and authorities remained unpaid, utilities were disconnected, protests erupted at the site and offices were eventually shut.
Recently, the Gurugram Police also registered FIRs against owners and officials linked to 32nd Avenue, a retail and entertainment hub, after investors protested over unpaid promised returns.
With Sharma now in custody, the EOW said that the focus will be on tracing diverted funds, identifying additional beneficiaries and verifying whether the same properties were repeatedly sold in what police describe as a planned, large-scale real estate fraud operation.
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Published By:
Sahil Sinha
Published On:
Feb 8, 2026
