Dhruv Dutt Sharma, chief executive of the firm behind the 32nd Avenue commercial real estate project, was arrested by the Gurugram police on Friday. ₹500 crore fraud case.
Dhruv Sharma, 34, founder and CEO of 32nd Avenue, was arrested by the Economic Offenses Wing (EOW) of the Gurugram Police. (Facebook/@32ndAvenue)Officially, the price of the scam ₹500. However, unofficially, the authorities believe he defrauded more people ₹1,000 crore, HT learnt.
Sharma, 34, a resident of DLF Camellias, Sector 42, Golf Course Road, Gurugram police arrestedIts Economic Offenses Wing (EOW) and was produced before a local court on Friday, which remanded him to six-day police custody.
A first information report (FIR) under Indian Penal Code (IPC) sections 120-B (criminal conspiracy) and 420 (cheating and dishonestly inducing distribution of property) was filed on January 2, HT reported earlier.
How did Dhruv Sharma run the scam?According to Deputy Commissioner of Police (West) Karan Goel, the 32nd Avenue CEO duped 800 to 1,000 investors in the past year.
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To be clear, Dhruv Dutt Sharma duped investors, not homebuyers. Goyal said Sharma would ask the complainants to invest in commercial properties on the promise that they would get “fixed returns for 30 years”.
He paid them interest in the first year, but then the payments stopped, causing concern among investors.
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Sharma promised investors a larger area measuring 200 square feet. But they checked and found only one plot of 100 square feet in their name.
Assistant Commissioner of Police (EOW) Vishal Kumar also said that during the investigation, it was found that “ownership of the same property was transferred to at least 25 other investors between 2022 and 2023”.
Additionally, Sharma has failed to pay his employees since September 2025.
What does the FIR say?According to the FIR, a copy of which was accessed by HT, Trom Ventures Pvt Ltd stated that Sharma and associates had entered into an agreement to sell a 3,000 sq ft commercial unit on the first floor of the 32nd Avenue building in September 2021, for a contract price of Rs. ₹2.5 crores.
The company alleged that they paid Sharma, but never got ownership of the property.
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Gurugram Police And the EOW also learned that ownership of the same property was transferred to at least 25 investors between 2022 and 2023.
Later, Sharma entered into an agreement with these investors to lease the entire 3,000 square feet space in his name.
According to the police, Dhruv Sharma owns several other companies including 32nd Vistas Pvt Ltd and Growth Hospitality LLP. He runs other companies, where his parents and relatives are listed as co-directors.
ASP Products, Appra Motels and Appra Automobiles as well as some of Sharma’s relatives have also been named in the FIR.
DCP Goyal said Sharma was arrested in one of at least five FIRs filed against him and his companies at the Civil Lines police station last month.
Trom Ventures is among 55 investors who approached the police alleging fraud by Sharma.
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