The Gurugram Police’s Economic Offences Wing has arrested entrepreneur Dhruv Dutt Sharma, founder of commercial real estate firm 32nd Avenue, in connection with an alleged large-scale property fraud involving multiple buyers and an estimated loss of around ₹500 crore. The case has sent ripples through Gurugram’s commercial real estate and startup communities.
Arrest and custody
Following complaints from several investors, the Gurugram EOW detained Sharma and produced him before a local court, which granted six days of police custody for interrogation. Investigators said the arrest came after a detailed probe into allegations that Sharma sold or promised the same commercial floor to more than 25 buyers over time without executing proper ownership-transfer documents.
How the alleged scam unfolded
The matter dates to 2021, when Trom Ventures Private Limited filed a complaint alleging it had entered an agreement to buy a 3,000 sq ft commercial unit on the first floor of the 32nd Avenue building in Sector 15, Gurugram, for about ₹2.5 crore. Though payments and agreements were reportedly completed, the complainant said the conveyance deed was never registered in its name despite repeated follow-ups and legal notices.
Subsequent investigation indicated the same floor had been sold or leased to multiple entities without formal transfer of legal title to a single buyer. Police say execution of ownership deeds was repeatedly deferred, enabling the accused to monetise the same asset multiple times through sale and lease agreements.
Charges and investigative focus
An FIR has been registered at Civil Lines police station against Sharma and associated entities, invoking sections of the Indian Penal Code for cheating, criminal breach of trust, forgery and criminal conspiracy. During preliminary questioning, officials said Sharma reportedly admitted that no conveyance deed had been executed for the disputed floor despite multiple transactions.
Investigators are examining financial records, bank transactions, lease documents and internal communications to trace fund flows and identify possible accomplices. Authorities have not ruled out further arrests as more investors are expected to come forward and the probe expands.
Impact on Gurugram’s commercial real estate
The allegations have heightened anxiety among commercial property buyers and investors in Gurugram. Several purchasers reportedly invested on the basis of promised rental yields, buyback assurances and long-term lease arrangements, only to encounter overlapping ownership claims later.
Market observers note the case underscores persistent governance gaps in the commercial real estate sector, including delayed registration of conveyance deeds, limited transparency and overreliance on private agreements. Legal experts advise buyers to verify title documents, insist on registered deeds and undertake independent due diligence before finalising transactions.
Background on the entrepreneur
Dhruv Dutt Sharma had been a prominent figure in India’s startup and real estate circles, having been featured in Forbes India’s “30 Under 30.” His arrest has prompted debate about governance, investor protection and accountability within the startup ecosystem and property markets.
The EOW has said the probe will continue and that further details about the scale of the alleged fraud and the number of affected investors should emerge in the coming weeks as more complaints are examined.
