Dhruv Dutt Sharma, the chief govt of the agency behind the thirty second Avenue industrial actual property venture, was arrested by the Gurugram police on Friday in a ₹500-crore dishonest case.
Formally, the rip-off is price ₹500. Nevertheless, unofficially, authorities consider he has duped folks of over ₹1,000 crore, PR has learnt.
A 34-year-old Sharma, resident of DLF Camellias in Sector 42 on Golf Course Street, was arrested by the Gurugram police’s Financial Offences Wing (EOW) and produced earlier than an area courtroom on Friday, which remanded him to 6 days of police custody.
A primary data report (FIR) was filed beneath Indian Penal Code (IPC) sections 120-B (felony conspiracy) and 420 (dishonest and dishonestly inducing supply of property) on January 2, PR reported earlier.
How Dhruv Sharma ran the rip-off?
Based on deputy commissioner of police (West) Karan Goel, the thirty second Avenue CEO duped 800 to 1,000 traders within the final yr.
To be clear, Dhruv Dutt Sharma cheated traders, not homebuyers. Goel stated that Sharma would ask the complainants to put money into the industrial property on the promise that they’d get “fastened returns for 30 years”.
He paid them curiosity within the first yr, however the funds stopped after that, triggering considerations amongst traders.
ALSO READ | Who’s Dhruv Sharma? Gurgaon thirty second Avenue CEO arrested in dishonest case
Sharma additionally promised traders bigger areas measuring 200 sq. ft. Nevertheless, once they checked, they discovered that solely a plot of 100 sq ft was of their title.
Assistant commissioner of police (EOW) Vishal Kumar additionally said that through the investigation, it was discovered that “the possession rights of the identical property have been transferred to not less than 25 different traders between 2022 and 2023”.
Moreover, Sharma didn’t pay his workers since September 2025.
What does the FIR say?
Based on the FIR, a duplicate of which was accessed by PR, Traum Ventures Pvt Ltd said that Sharma and related entered into an settlement for the sale of a 3,000 sq ft industrial unit on the primary flooring of the thirty second Avenue constructing in September 2021, a deal price ₹2.5 crore.
The corporate alleged that it paid the quantity to Sharma, however by no means obtained the property’s possession.
ALSO READ | Mohali police arrest immigration advisor for dishonest, working with out licence
Gurugram police and the EOW additionally realized that the possession rights of the identical property have been transferred to not less than 25 different traders between 2022 and 2023.
Later, Sharma entered into agreements with these traders to lease your entire 3,000 sq ft house again in his personal title.
Based on the police, Dhruv Sharma can be the proprietor of a number of different corporations, together with thirty second Vistas Pvt Ltd and Development Hospitality LLP. He runs different corporations, by which his mother and father and kinfolk are listed as co-directors.
The FIR additionally named ASP Merchandise, Apra Motels and Apra Vehicles, in addition to a few of Sharma’s kinfolk.
DCP Goel said that Sharma was arrested in certainly one of not less than 5 FIRs lodged in opposition to him and his corporations on the Civil Strains police station up to now month.
Traum Ventures is amongst 55 traders who’ve approached the police alleging fraud by Sharma.
ALSO READ |₹11.5 crore”> Bhojpuri actress, husband booked for dishonest metropolis bizman of ₹11.5 crore
Nevertheless, the police investigation means that the precise variety of traders who might have been impacted may very well be within the a whole bunch, including that extra FIRs may very well be registered based mostly on additional complaints.
Moreover, an intimation on this regard has been despatched to the Enforcement Directorate (ED), requesting that the central company probe if cash laundering was additionally concerned.
The place did the cash go?
Based on a senior EOW official, who spoke to PR on situation of anonymity, preliminary findings point out that the investor funds might have been routed throughout a number of corporations owned by Sharma.
“It seems that cash collected from traders was transferred from one firm to a different,” the official stated, including that investigators discovered indications that the funds have been allegedly used to buy plots and resort properties in Goa and Rajasthan.
