A Rs 500 crore fraud led to the arrest of the CEO of 32nd Avenue. 25 people purchased one floor of a building. According to investigations, Dhruv Dutt Sharma conned a number of people out of almost Rs 500 crore.
₹500-Crore Scam: 32nd Avenue CEO Dhruv Sharma Arrested for Selling Same Floor to 25 People
Gurugram: Dhruv Dutt Sharma, the CEO and originator of the commercial real estate project 32nd Avenue or 32nd Milestone, has been detained for allegedly selling a building’s floor to more than 25 individuals. He has incurred a loss of about Rs 500 crore in the process. After the arrest on Friday, he was brought before a city court and placed under police custody for six days.
According to investigations, Sharma conned a number of people out of about Rs 500 crore in this way, they said.
A representative of Tram Ventures Private Limited filed a complaint against the Apra Motels, which are now known as the 32 Milestone Vistas Private Limited, in January, according to a Gurugram police spokesperson.
A 3000 square foot unit (number 24) on the first floor of Tram Ventures’ 32nd Milestone Complex was offered for sale by the company’s directors and shareholders in 2021, according to the complaint. According to reports, the purchase was completed for Rs 2.5 crore, and on September 21 of that year, the money was paid.
However, they were forced to run from pillar to post because they were not given the required paperwork.
After Tram Ventures lodged a complaint, an examination showed that one of the important documents was created in the names of 25 different people between 2022 and 2023. Then a police report was made.
Dhruv Dutt Sharma was taken into custody on Friday after the Economic Offenses Wing conducted an investigation, according to the police.
“During preliminary investigation, Sharma revealed that he, along with other associates, had done a deal with the complainant company in the year 2021 for the first floor of 32 Milestone Building for Rs 2.5 crore,” a spokeswoman said.
According to him, the floor was sold to 25 other people after the conveyance paperwork was not signed in his name. According to the spokesman, the floor was leased to all 25 individuals for a period of 30 years under the name of their other company, Growth Hospitality Private Limited.
At the moment, Sharma is being questioned.
From Forbes 30 Under 30 To Police Custody: Who Is Dhruv Sharma In Rs 500 Crore 32nd Avenue Scam?
A recent graduate of Boston University, Dhruv Sharma was seen as a rising star in Gurugram’s upscale real estate market.
Gurugram’s well-known luxury destination, 32nd Avenue, is facing intense scrutiny amid a major controversy. Once celebrated for its upscale dining, retail spaces, and vibrant social scene, the commercial hub is now in the spotlight for reasons far removed from its glamorous image.
At the centre of the case is Dhruv Dutt Sharma, the 34-year-old CEO of 32nd Avenue, who has been arrested by the Gurugram Economic Offences Wing (EOW). Following his production before a court, Sharma was remanded to police custody on February 6.
The arrest stems from an alleged ₹500-crore real estate fraud, in which the same commercial property is suspected to have been sold to multiple buyers, sending shockwaves through Gurugram’s real estate and business circles.
The Scam’s History
The Indian Express claims that a business named Traum Ventures filed a complaint in 2023, which brought the situation to light. They stated that they paid Rs 2.5 crore for a 3,000 square foot commercial unit on the first floor of the 32nd Milestone in 2021. The property was never formally transferred in their name, even though a contract was completed and money was paid.
Additional investigation turned up something startling. According to reports, between 2022 and 2023, 25 different investors purchased the same floor. Sharma allegedly rented the same floor back from buyers for 30 years under a different firm, Growth Hospitality Pvt Ltd, in order to conceal this. For a while, investors received guaranteed rental income; but, in August 2025, payments ceased.
A single complaint quickly grew into a much larger issue. According to the Hindustan Times, five FIRs have been filed thus far, and at least 36 investors have now provided statements to the EOW. Numerous investors have come forward from both north and west India, alleging that they were either defrauded or sold smaller houses than what was promised.
Employees and investors have also demonstrated outside 32nd Avenue in recent days, claiming that Sharma has not paid outstanding debts and has ignored their calls. Police are currently investigating if investor funds were used to purchase land and hotels in Rajasthan and Goa. The Enforcement Directorate (ED) has also been tasked with investigating the matter for potential money laundering.
Who Is Dhruv Sharma?
Dhruv Sharma studied at Boston University in the US. He was widely known in Gurugram’s real estate circle as the man who transformed 32nd Milestone into a luxury destination. He became CEO of 32nd Avenue in 2015 after founding a vacation rental startup called GuestHouser.
Under his leadership, 32nd Avenue attracted big international brands, fine-dining restaurants, and high-end retail outlets. His success earned him a spot in Forbes 30 Under 30 Asia in 2019. Many saw him as a young entrepreneur bringing a “New York lifestyle” to Gurugram.
His image began to crumble after the “25 buyers for one floor” case surfaced. What was once seen as a success story is now being investigated as one of Gurugram’s biggest real estate frauds.
What 32nd Avenue Says
A spokesman for 32nd Avenue told The Indian Express that following talks between the parties, the matter with Traum Ventures had been “amicably resolved.” Payment delays were attributed to a temporary vacancy brought on by tenant changes.
“Despite decades of strong operational performance and consistent delivery, it is regrettable that a brand that is widely considered a favorite among investors and customers has experienced reputational impact due to cyclical vacancy in a minority of spaces,” the statement continued.
FAQ
What is 32nd Avenue?
32nd Avenue (also known as 32nd Milestone) is a premium commercial complex located on National Highway-48 (NH-48) in Gurugram. The project is known for housing restaurants, cafés, retail outlets, offices, and entertainment spaces in an open, boulevard-style layout.
Who developed 32nd Avenue?
The project was promoted by Apra Motels Private Limited, which was later renamed 32 Milestone Vistas Private Limited. The development is associated with Tram Ventures and related hospitality and real estate entities.
What is 32nd Avenue known for?
32nd Avenue gained popularity for:
Upscale restaurants and cafés
High-footfall retail and food & beverage brands
A walkable, open-air design
Hosting events, pop-ups, and nightlife venues
It positioned itself as a lifestyle hub rather than a traditional office complex.
Where is 32nd Avenue located?
City: Gurugram, Haryana
Road: NH-48 (Delhi–Jaipur Highway)
Landmark: Near commercial and corporate hubs of Gurugram
Its highway-facing location made it attractive to investors and brands.
Why is 32nd Avenue in the news?
32nd Avenue recently came into the spotlight due to a ₹500-crore alleged real estate fraud, in which the CEO Dhruv Dutt Sharma was arrested for allegedly selling the same building floor to multiple buyers.
Is 32nd Avenue a residential project?
No. 32nd Avenue is a commercial project, primarily meant for:
Retail spaces
Restaurants and cafés
Office and commercial leasing
It is not a residential housing complex.
Is 32nd Avenue still operational?
Yes. Despite the ongoing investigation, many restaurants, outlets, and businesses continue to operate at 32nd Avenue. Legal proceedings are currently focused on ownership and transaction disputes.
Who has been arrested in the 32nd Avenue fraud case?
Dhruv Dutt Sharma, the CEO and founder of the commercial real estate project known as 32nd Avenue (also referred to as 32nd Milestone), has been arrested in connection with the alleged ₹500-crore fraud.
What is the ₹500-crore fraud case about?
The case involves allegations that a single floor of a commercial building was sold to more than 25 different individuals, resulting in financial losses estimated at around ₹500 crore.
Where did the alleged fraud take place?
The alleged fraud took place in Gurugram, Haryana, at the 32nd Milestone Complex, a commercial real estate project.
How many people were affected by the alleged fraud?
According to the investigation, at least 25 individuals were allegedly affected after purchasing rights to the same building floor.
What triggered the police investigation?
The investigation began after Tram Ventures Private Limited filed a complaint in January, alleging that it was sold a 3,000 sq ft unit but did not receive the required legal documents despite completing the payment.
How much was the disputed property sold for initially?
The complainant company reportedly purchased the unit for ₹2.5 crore in 2021, with full payment made on September 21, 2021.
What irregularities were found during the investigation?
Police found that key conveyance documents were created in the names of 25 different individuals between 2022 and 2023, indicating that the same property had been sold multiple times.
Which companies are named in the complaint?
The complaint names Apra Motels, now known as 32 Milestone Vistas Private Limited, along with other associated entities, including Growth Hospitality Private Limited.
What role did Growth Hospitality Private Limited play?
According to police, the disputed floor was allegedly leased to 25 individuals for 30 years under Growth Hospitality Private Limited after conveyance deeds were not executed.
Who conducted the investigation?
The case is being investigated by the Economic Offences Wing (EOW) of the Gurugram Police.
What is Dhruv Dutt Sharma’s current legal status?
After his arrest, Sharma was produced before a local court and was remanded to police custody for six days. He is currently being questioned as part of the ongoing investigation.
Is the investigation still ongoing?
Yes, the investigation is ongoing, and authorities are examining financial records, property documents, and the role of other associates.
What charges is Dhruv Dutt Sharma facing?
Dhruv Dutt Sharma is facing charges related to cheating, criminal breach of trust, forgery, and conspiracy under relevant sections of the Indian Penal Code, as per preliminary police findings.
Why was the same building floor sold to multiple buyers?
Investigators believe the floor was sold multiple times because conveyance deeds were never legally registered, allowing the accused to create and circulate documents in different buyers’ names.
How did the fraud go undetected for so long?
The alleged fraud remained undetected due to delays in documentation, complex company structures, and the use of long-term lease agreements instead of direct ownership transfers.
Were the buyers aware that the property was sold to others?
According to the police, the buyers were not aware that the same floor had been sold or leased to multiple individuals, as separate documents were allegedly issued to each party.
What is a conveyance deed and why is it important?
A conveyance deed is a legal document that transfers property ownership. In this case, the absence of registered conveyance deeds played a key role in enabling the alleged fraud.
What action has been taken against associated companies?
Authorities are scrutinising transactions linked to 32 Milestone Vistas Private Limited, Apra Motels, and Growth Hospitality Private Limited to determine the involvement of other directors and associates.
Can the affected buyers recover their money?
Recovery will depend on court proceedings, asset attachment, and final judgments. Police are assessing whether properties or funds can be seized to compensate victims.
Is this one of the largest real estate fraud cases in Gurugram?
With losses estimated at ₹500 crore, the case is being described as one of the major commercial real estate frauds reported in Gurugram in recent years.
What precautions should property buyers take to avoid such frauds?
Buyers should:
Verify ownership records
Ensure registered conveyance deeds
Conduct independent legal due diligence
Avoid relying solely on lease or allotment letters
Will more arrests be made in this case?
Police have indicated that further arrests are possible as the investigation expands and the role of other individuals is examined.
What is the next step in the investigation?
The Economic Offences Wing is currently analysing financial trails, bank records, and property registrations while questioning the accused during police remand.
