A major real estate controversy has surfaced in Gurugram after police detained the top executive of a well known commercial development over allegations of large scale property fraud involving hundreds of crores of rupees.
Earlier this month, the Economic Offences Wing of Gurugram Police arrested Dhruv Dutt Sharma, founder, chief executive and managing director of the 32nd Avenue commercial project. Investigators allege that a single commercial floor in the project was sold multiple times to different buyers. Police claim the same floor was sold to more than 25 investors, with the total value of transactions estimated at nearly ₹500 crore. Sharma was produced before a local court and sent to 6 days of police custody. An FIR has been registered at the Civil Lines police station, and officials say the probe is ongoing.
The investigation began after a complaint filed in January by Tram Ventures Private Limited. The company alleged that in 2021 it agreed to buy Unit No. 24, a 3,000 square foot floor on the first level of the 32nd Milestone complex, for ₹2.5 crore. The amount was paid and an agreement to sell was executed. However, the conveyance deed was never registered. Police later found that the same floor was allegedly sold again to at least 25 other buyers between 2022 and 2023. Authorities are now reviewing agreements, payment records, and related documents to determine how the transactions were carried out.
Police also stated that the disputed floor was later leased for 30 years from these buyers in the name of Growth Hospitality Private Limited. Investors allege they were promised long term lease rentals, unit demarcation, and buyback options as a steady income plan. Court filings claim lease payments stopped from August 2025. Investor Arvind Gupta has sought registration of another FIR against 32nd Vistas Private Limited, Growth Hospitality LLP, and their promoters, including Sharma and 2 family members.
On February 5, Judicial Magistrate First Class Devanshi Janmeja issued notice on Gupta’s plea and asked police to submit an action taken report. The next hearing is scheduled for March 13. The plea alleges defaults in TDS deposits, GST dues, statutory filings, and employee contributions, along with misleading explanations citing “technical issues.” Police have confirmed multiple FIRs and said investigations are continuing to assess ownership claims, fund movement, and total investor losses.
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