Gurgaon Real Estate Director Arrested in Multi-Crore Fraud Case
The Economic Offences Wing (EOW) of the Gurgaon Police has made a significant arrest in a complex real estate fraud case. On Thursday, authorities took into custody a 34-year-old company director accused of orchestrating a sophisticated cheating scheme involving a commercial property in Sector 15.
Accused Identified as Director of Prominent Development Firm
The arrested individual has been identified as Dhruvdutt Sharma, originally from Civil Lines and currently residing on Golf Course Road. Police records indicate Sharma serves as one of the directors of 32nd Vistas Private Limited, the development company behind the prominent 32nd Milestone project, which specializes in real estate leasing operations.
Investigators believe this arrest represents just the tip of a much larger fraudulent operation that could potentially involve hundreds of investors and financial transactions amounting to several crores of rupees.
The Mechanics of the Alleged Fraud
According to police documentation, the fraudulent activity centered around a specific commercial unit within a well-known Sector 15 complex. The sequence of events unfolded as follows:
- In 2021, the accused company offered the commercial unit for sale to Trom Ventures Private Limited for Rs 2.5 crore.
- The full payment was received on September 21, 2021, followed by the execution of an agreement to sell.
- Despite this agreement, the conveyance deed was never registered in the buyer's name.
- Despite repeated assurances from the seller, the complainant company never received the crucial ownership documentation.
- A legal notice issued in October 2023 went unanswered, though rental payments for the unit continued as per the original agreement.
Discovery of Multiple Sales and Elaborate Cover-Up
During an internal investigation, the complainant company made a startling discovery. Between 2022 and 2023, conveyance deeds for the same commercial unit had been executed in favor of 25 different individuals.
Police investigators revealed that the original sale agreement had been fraudulently terminated, allowing the accused to sell portions of the same property to multiple parties, resulting in a direct financial loss of Rs 2.5 crore to the original complainant.
Legal Proceedings and Expanding Investigation
Based on the formal complaint, authorities registered a First Information Report (FIR) in January 2026 under sections pertaining to cheating and criminal breach of trust. The case was subsequently transferred to EOW-II for detailed financial and property trail analysis.
During preliminary questioning, investigators uncovered an additional layer to the alleged scheme. After selling the unit to multiple buyers, the accused and his associates reportedly took the property back on a 30-year lease from all 25 purchasers through another entity named Growth Hospitality Private Limited.
This elaborate structure allegedly allowed the accused to maintain operational control of the property while simultaneously extracting funds from numerous investors.
Wider Implications and Financial Tracing
A senior police officer indicated that the case's scope appears significantly broader than initially suspected. Assistant Commissioner of Police (EOW) Vishal Kumar stated that preliminary findings suggest potential fraud involving approximately 500 individuals.
"Approximately 100 people have already approached police authorities, leading to the registration of five separate FIRs," Kumar explained. "Within these cases, statements from 35 to 36 victims have been formally recorded, with additional complainants continuing to come forward."
The officer further revealed that initial financial analysis indicates portions of the investor funds were allegedly siphoned off to locations including Goa and Neemrana.
Ongoing Investigation and Future Steps
Police authorities have emphasized that custodial questioning remains essential to identify additional associates, recover defrauded funds, seize relevant documentation, and examine potential connections to similar fraudulent activities linked to the company and its directors.
The Economic Offences Wing continues its detailed investigation into what appears to be a systematically organized real estate fraud operation with potentially widespread implications for investors and the property market in the Gurgaon region.
