Gurgaon Police Unravel Complex Property Transaction Pattern at Prime Office Hub
The Economic Offences Wing (EOW) of Gurgaon Police has launched a detailed investigation into what authorities describe as a sophisticated "agreement-resale-leaseback" transaction pattern involving a commercial unit at 32nd Milestone, one of Gurgaon's most prominent office destinations. This probe centers on a 3,000 square foot first-floor unit in Sector 15 Part-II, valued at approximately Rs 2.5 crore, where investigators are meticulously examining documents, financial trails, and the involvement of multiple entities.
Multi-Layered Transaction Scheme Under Scrutiny
According to police officials, the investigation has revealed a complex modus operandi where control of the property allegedly remained with linked entities despite apparent changes in ownership on paper. The unit was initially sold through an agreement in 2021, with full payment received by the seller. However, critically, the conveyance deed was not executed in favor of this initial buyer, creating a legal gap that enabled subsequent transactions.
Police records indicate that between 2022 and 2023, the same commercial space was sold to multiple other purchasers through separate conveyance deeds. This created a situation where several parties held claims to the same physical property. The investigation is currently focused on establishing the precise sequence of these agreements and registrations to determine how ownership of identical space was transferred to different buyers over a relatively short period.
Leaseback Arrangement and Key Accused Identified
Following these multiple sales, the property was reportedly taken back on a long-term lease by a related hospitality firm identified as 32nd Vistas Private Limited. This leaseback arrangement, according to investigators, allowed continued operational use of the premises while maintaining effective control within a network of connected entities.
The primary accused in the case is company director Dhruv Dutt Sharma, who was arrested last week and subsequently remanded to police custody for further questioning. Sharma has familial connections to the promoters of the now-closed iconic entertainment venue Kingdom of Dreams (KoD) in Sector 29. Investigators are currently verifying company records, agreements to sell, conveyance deeds, and financial transactions to trace fund movements and identify potential associates involved in the scheme.
Complaint Details and Historical Connections
The investigation originated from a complaint filed by Tram Ventures Private Limited, which alleged that despite paying the full amount and signing an agreement with 32nd Vistas Private Limited (formerly known as Apra Motels), the conveyance deed was never executed in their favor despite repeated follow-ups. This complaint has opened a window into historical business connections, as the Apra Group was previously a key partner in the ownership structure of Kingdom of Dreams.
Police officials emphasized that the investigation remains at an early stage, with all documents undergoing thorough scrutiny. "The investigation is ongoing and all allegations are yet to be tested in court," a police statement clarified. Officers familiar with the inquiry have indicated that further arrests or recoveries could follow depending on findings during the remand period.
Broader Implications and Investigative Scope
Investigators are not limiting their examination to this single transaction. The probe will also explore whether similar transaction patterns were employed in other units or deals linked to the property. This broader scope suggests authorities are concerned about potential systemic issues in certain commercial real estate transactions within the region.
The case highlights the complexities that can emerge in commercial property transactions, particularly when multiple layers of agreements, sales, and leasebacks create opaque ownership structures. As Gurgaon continues to develop as a major commercial hub, such investigations serve as reminders of the importance of transparent documentation and regulatory compliance in real estate dealings.
There was no immediate response available from Dhruv Dutt Sharma or the companies linked to the project at the time of publication. The Economic Offences Wing continues its methodical examination of financial records and legal documents to build a comprehensive understanding of the transaction pattern under investigation.
