Gurugram Police on Friday, 6th February, arrested Dhruv Dutt Sharma, CEO of 32nd Milestone (also known as 32nd Avenue), in connection with a property fraud worth around ₹500 crore. According to the media reports, Sharma is accused of selling the same floor of a commercial building to more than 25 different buyers. His name also featured in the Forbes 30 Under 30 list in 2018.
Gurgaon Police on Friday arrested Dhruv Sharma, the founder, CEO, and managing director of 32nd Avenue, the commercial real estate project in Gurgaon, in connection with an alleged Rs 2.5-crore case of cheating.
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Sharma was produced before a city court and has been sent to six days of police remand. The Gurugram Economic Offences Wing (EOW), which investigated the case, said the fraud took place between 2021 and 2023.
How the fraud happened
The matter came to light after a complaint was filed by Tram Ventures Private Limited against 32nd Milestone Vistas Private Limited, formerly known as Apra Motels, in 2021, stating that the firm had offered Unit No. 24, a floor of 3,000 sq. ft., for Rs 2.5 crore.
The payment was made in September 2021. However, the conveyance document was never executed in favour of the buyer. Despite repeated follow-ups and sending a legal notice to the company in October 2023, no response was received from them.
During the investigation, police found that the same floor had been sold to 25 other buyers as well. Not only that, leases for 30 years were reportedly taken from all these individuals under another firm, Growth Hospitality Private Limited.
FIR and ongoing investigation
An FIR was registered at the Civil Lines police station based on the complaint. The police arrested Sharma, a resident of DLF Camellias in Gurugram, after collecting evidence.
A senior police officer said Sharma, during preliminary investigation, accepted that a deal for the first floor of the 32 Milestone building was finalised in 2021 for ₹2.5 crore, but the conveyance deed was not executed. The same property was sold to multiple buyers.
