Gurugram Police have arrested Dhruv Dutt Sharma, founder and CEO of the popular 32nd Avenue commercial hub, in connection with an alleged multi-crore real estate fraud that investigators say may have duped hundreds of investors. Sharma, 34, was taken into custody on Friday and produced before a court, which sent him to six days of police remand. The Economic Offences Wing (EOW) has launched a detailed probe to trace the money trail. Officials estimate the suspected fraud could exceed ₹500 crore.
A Boston University graduate and former Forbes 30 Under 30 Asia honouree, Sharma is known for developing the European-style 32nd Avenue complex in Gurugram. However, police allege that investors were lured with promises of guaranteed rental returns for up to 30 years, buyback options and assured monthly income. According to investigators, commercial units were allegedly sold multiple times to different buyers. In some cases, the same floor was reportedly sold to over 25 investors. While initial agreements were signed and rental payments made to build trust, ownership transfers were allegedly never registered.
The alleged scam came to light after a complainant discovered that a commercial unit purchased for ₹2.5 crore had been sold to multiple parties. Subsequent checks revealed similar patterns across several properties. When buyers sought possession or invoked buyback clauses, the promoters reportedly failed to comply. Police further claim that lease agreements were routed through another firm and rental payments stopped in August 2025. Statutory dues such as GST, TDS, PF and ESI were also allegedly unpaid. During questioning, Sharma is said to have admitted that investor funds were diverted into luxury investments, including villas in Goa and properties in Rajasthan.
So far, more than five FIRs have been registered, with statements recorded from 40–50 complainants. Authorities estimate the number of victims could range between 500 and 1,000, with individual losses between ₹1 crore and ₹2.5 crore. The EOW continues its investigation as police widen the probe into what could be one of Gurugram’s largest real estate fraud cases.
