The Gurugram Police have arrested entrepreneur Dhruv Dutt Sharma, founder of commercial real estate firm 32nd Avenue, in connection with an alleged large-scale property fraud that investigators estimate at around ₹500 crore. The Economic Offences Wing (EOW) detained Sharma after complaints that the same commercial property had been sold or promised to multiple buyers.
Police action and custody
Gurugram’s EOW arrested Sharma following a multi-month probe prompted by several investor complaints. Officials allege Sharma sold or promised ownership of a single commercial floor to more than 25 buyers over time, without executing registered conveyance deeds. After being produced before a local court, Sharma was remanded to six days of police custody for further interrogation.
How the alleged scam unfolded
The matter came to light in 2021 when Trom Ventures Private Limited filed a complaint stating it had agreed to buy a 3,000 sq ft commercial unit on the first floor of the 32nd Avenue building in Sector 15, Gurugram, for roughly ₹2.5 crore. The complainant says all payments and agreements were completed, but the conveyance deed was never registered despite repeated follow-ups and legal notices.
Investigations have reportedly found that the same floor was sold or leased to several other entities, while formal ownership transfer to any single buyer remained pending. Police sources said multiple sale and lease agreements were executed, but the final conveyance and registration were deliberately kept incomplete, enabling repeated monetisation of the same asset.
FIR and charges
An FIR has been registered at the Civil Lines police station against Sharma and associated firms. Charges invoke sections of the Indian Penal Code relating to cheating, criminal breach of trust, forgery and criminal conspiracy.
During initial questioning, investigators say Sharma acknowledged that no conveyance deed had been executed for the disputed floor despite entering into several agreements. Authorities are scrutinising financial records, bank transactions, lease documents and internal communications to trace fund flows and identify potential accomplices. Further arrests have not been ruled out as the probe continues.
Impact on Gurugram’s real estate market
The case has rattled investors and commercial buyers across Gurugram. Several purchasers reported investing on the basis of promised rental returns, buyback clauses and long-term leases, only to encounter overlapping ownership claims later. Market participants and legal experts say the episode underscores persistent weaknesses in the commercial property segment—chiefly delayed registration, overreliance on private agreements and limited transparency.
Legal advisers recommend that prospective buyers verify title records, insist on timely registration of conveyance deeds and conduct independent due diligence, including title searches and verification of encumbrances, before committing funds.
Background on the accused
Dhruv Dutt Sharma had been regarded as a prominent startup entrepreneur and was earlier featured in Forbes India’s “30 Under 30.” His arrest has prompted debate within the startup community about governance, investor protection and regulatory oversight for high-profile founders.
The EOW expects the investigation to reveal the full extent of the alleged fraud and the total number of affected investors in the coming weeks. The case may influence regulatory and industry discussions on accountability and transactional transparency in India’s commercial real estate sector.
