Gurugram police have arrested Dhruv Dutt Sharma, the founder, CEO and managing director of the 32nd Avenue commercial real estate project, in connection with a major property fraud estimated at around ₹500 crore. Sharma was taken into custody by the Economic Offences Wing (EOW) and produced before a magistrate, who remanded him to six days of police custody as investigations continue.
The arrest stems from allegations that Sharma sold the same commercial floor — a unit measuring approximately 3,000 sq ft in the high-profile 32nd Avenue complex in Gurugram — to more than 25 different buyers, causing extensive financial losses to investors. Police say multiple investors were lured with promises of assured rentals and buyback options, but ownership documents were never handed over, triggering complaints and legal action.
Details of the Alleged Fraud
According to the first information report (FIR), a complaint was filed in January by Tram Ventures Private Limited against 32 Milestone Vistas Private Limited — previously known as Apra Motels — alleging that Sharma and his associates entered into a sale agreement for the commercial unit in 2021 for ₹2.5 crore, but failed to provide the necessary conveyance documents. As the matter unfolded, investigators discovered that between 2022 and 2023, key property documents were replicated in the names of 25 others, allowing the same floor to be sold or leased multiple times.
The total estimated loss from these transactions is around ₹500 crore, and the Gurugram police have launched a detailed probe into the money trail, lease agreements and document forgery involved in the case. Multiple investors have reportedly come forward with complaints of non-delivery of promised property rights and lack of responses from company officials.
Who Is Dhruv Dutt Sharma?
Sharma, 34 years old, gained prominence in India’s real estate and entrepreneurial circles as the head of 32nd Milestone, which was later rebranded as 32nd Avenue — a upscale commercial and lifestyle destination in Sector 15, Gurugram. Prior to this, he founded GuestHouser, a vacation rental platform, and was once featured on the Forbes 30 Under 30 list.
Under his leadership, 32nd Avenue became known for its European-style architecture, curated retail and dining experiences, and branded spaces. However, recent allegations and investor protests over delayed dues and alleged sale irregularities have drawn scrutiny.
Impact and Legal Concerns
The development has raised serious questions about investor protection, regulatory oversight and document authentication in high-value commercial real estate transactions, especially in rapidly expanding markets like Gurugram. Authorities are expected to investigate not just the fraud allegations but also the contractual and financial structures that enabled such large-scale sales to occur.
