32nd Avenue CEO Dhruv Sharma Arrested in Alleged Rs 2.5 Crore Cheating Case
Gurgaon Police have arrested Dhruv Sharma, the founder, CEO, and managing director of 32nd Avenue, a commercial real estate project in Gurgaon, in connection with an alleged cheating case involving Rs 2.5 crore. Sharma was produced before a Gurgaon court, which remanded him in six days of police custody.
Details of the Arrest and Investigation
The Economic Offences Wing-II (EOW-II) of Gurugram Police apprehended Sharma from Golf Course Road in the city. Sharma, who studied at Boston University in the United States and resides in the luxury DLF Camellias condominium, faces charges related to a 3,000-sq-ft first-floor unit at the 32nd Milestone complex in Sector 15.
According to police, the case stems from a complaint by Trom Ventures Private Limited. The company alleged that representatives of 32nd Avenue approached them in 2021, claiming to be major players in real estate who would revolutionize the rental market. They offered to sell the unit for Rs 2.5 crore, and on September 21, 2021, the complainant paid the full amount, with an agreement to sell executed.
However, the conveyance deed was not registered in the complainant's name despite repeated follow-ups. The accused company continued making rental payments as per the agreement but delayed the deed execution. A legal notice sent on October 11, 2023, allegedly received no response.
Alleged Fraud and Multiple Sales
Upon investigation, it was discovered that between 2022 and 2023, conveyance deeds for the same unit had been executed in favor of 25 other individuals, indicating the unit was fraudulently sold multiple times. The FIR was registered on January 2 this year at the Kherki Daula police station for alleged cheating, criminal breach of trust, forgery, and criminal conspiracy.
During preliminary interrogation, Sharma admitted that he and his associates executed the sale agreement with Trom Ventures in 2021 but dishonestly refrained from registering the conveyance deed. They subsequently sold portions of the unit to 25 others and leased it for 30 years to their firm, Growth Hospitality Private Limited, to commit the fraud, according to a police spokesperson.
Broader Fraud Allegations and Protests
A senior police officer stated that investigations into multiple FIRs against Sharma suggest the accused allegedly committed fraud of around Rs 500 crore on different individuals in a similar manner. His interrogation will focus on identifying other accomplices, recovering the allegedly defrauded amount, retrieving related documents, and probing possible additional fraud cases.
For the past few months, groups of people have been gathering at the complex in Gurgaon's Sector 15 to protest against alleged delays in the payment of promised rentals and to claim dues that they allege have not been paid since September last year.
A spokesperson for 32nd Avenue commented earlier this week, stating that recent delays in payments were "driven by a short-term vacancy in a limited portion of our Gurgaon property, arising from normal tenant churn and a change in tenancy." They added that it is unfortunate the brand has faced reputational impact despite decades of strong operational performance.
