₹500-Crore Real Estate Scam: Gurugram EOW Arrests 32nd Avenue Founder Dhruv Dutt Sharma Over Alleged Multi-Buyer Property Deals

Key Points:

Founder, CEO and managing director of the 32nd Avenue commercial complex, real-estate entrepreneur Dhruv Dutt Sharma was arrested by the Economic Offences Wing (EOW) of the Gurugram Police on Friday, 6 February 2026. He is being charged with allegedly cheating investors by selling the same property units to multiple buyers and promising assured returns that never materialized.

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The young entrepreneur was produced before a city court, following which he was taken into police custody for six days. Investigators found the fraud to involve hundreds of investors and multiple property transactions, with an estimated amount of ₹500 crore.

Allegations of Multiple Sales and Cheating

Sharma and his associates are reportedly accused of selling a single commercial unit to multiple buyers and entering into agreements while executing documents in the names of other buyers. He has been booked under Section 420 (cheating) and Section 120-B (criminal conspiracy) of the Indian Penal Code after an FIR was registered.

The first complaint came from a representative of Tram Venture Private Limited against Apra Motels, which is now known as 32 Milestone Vistas Private Limited, in January. It alleged the firm offered to sell a 3,000 sq ft unit (No. 24) on the first floor of the 32nd Milestone complex for ₹2.5 crore in 2021. The payment was made on 21 September 2021, but ownership was never handed over to them.

An investigation revealed that the same property documentation was prepared in the names of 25 other individuals between 2022 and 2023. Also, the floor was leased out to another firm called Growth Hospitality Private Limited for 30 years.

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Investigation Alleged ₹500-Crore Operation

There have been statements from dozens of complainants, leading to the registration of five FIRs, as per police. Investors have been cheated of somewhere between ₹1 crore and ₹2.5 crore each, and the number of investors ranges from 500 to 1,000 who were promised long-term rental income and buyback options. There were also allegations of statutory dues such as TDS, GST, PF and ESI being assured but not deposited, along with piling rental payments since August 2025. Police are now examining the Gurugram project for fraud and the money trail, describing it as a planned large-scale real-estate fraud. There are also allegations of collected funds being diverted to luxury assets, including villas in Goa and property in Rajasthan.

The case drew much attention after multiple people approached the Police Commissioner’s public hearing alleging large-scale cheating and non-payment of assured returns. There were also protests staged by investors and employees at the site regarding unpaid dues. Police are now investigating the case to identify any additional connections and determine the full scale of the alleged fraud.

Who Is Dhruv Dutt Sharma?

The 34-year-old entrepreneur Dhruv Dutt Sharma is the founder and CEO of the upscale mixed-use development 32nd Avenue in Sector 15, Gurugram, which is popularly known for its European-style architecture and restaurant hub. He graduated from Boston University in 2013. He then launched the vacation-rental platform GuestHouser in 2014. He went on to feature in Forbes 30 Under 30 Asia (Retail and E-commerce) in 2018. He has been serving as the managing director of the 32nd group, overseeing projects across Delhi-NCR, Hyderabad and Goa since 2015.

(SY)

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