Gurugram’s real estate sector was shaken this week after police arrested Dhruv Dutt Sharma, a well-known commercial real estate entrepreneur, on allegations of large-scale fraud involving the sale of a single building floor to multiple buyers. Sharma is the founder and CEO of 32nd Avenue and a director of 32nd Milestone, a prominent mixed-use commercial development in the city.
Police say Sharma was produced before a city court following his arrest on Friday and has been remanded to six days of police custody. The case is being investigated by the Economic Offences Wing (EOW) of Gurugram police.
Allegations of Rs. 500 Crore Loss
According to investigators, Sharma allegedly sold the same floor of a commercial building to more than 25 individuals, causing an estimated loss of around Rs. 500 crore. Officials say the transactions were carried out over multiple years, with buyers believing they had legally acquired ownership of the property.
Police claim that while money was collected from several parties, proper ownership documents were not issued to at least one of the complainants, triggering suspicion and eventually a criminal investigation.
The Complaint That Sparked the Probe
The case came to light in January this year, when a representative of Tram Ventures Private Limited filed a complaint against Apra Motels, now known as 32 Milestone Vistas Private Limited.
As per the complaint, in 2021, directors and shareholders of the company approached Tram Ventures with an offer to sell a 3,000 sq. ft commercial unit, numbered 24, located on the first floor of the 32nd Milestone Complex. The agreed consideration was Rs. 2.5 crore, which was reportedly paid on September 21, 2021.
Despite making the full payment, Tram Ventures alleged that it did not receive the required ownership and conveyance documents. Company representatives claimed they were forced to repeatedly follow up, without any resolution.
Same Floor, Multiple Buyers
Investigators later found that between 2022 and 2023, key ownership documents for the same floor were executed in the names of 25 other individuals. This discovery raised serious red flags and led to the registration of a formal police case.
A spokesperson for Gurugram police said that during preliminary questioning, Sharma admitted that a deal had indeed been signed with the complainant company in 2021 for the first floor of the 32nd Milestone building.
However, the conveyance deed was never executed in the complainant’s name. Instead, the same floor was sold to multiple individuals over time.
Leaseback Arrangement Under Scrutiny
Police further revealed that after selling the floor to 25 different people, the property was taken on a 30-year lease from all of them in the name of another firm, Growth Hospitality Private Limited. Investigators are examining whether this leaseback structure was used to retain control over the property while transferring notional ownership to multiple buyers.
“The floor was sold to 25 other individuals, and later leased back for 30 years through another company linked to the accused,” the police spokesperson said.
Ongoing Investigation
Sharma is currently being interrogated, and police say further questioning may reveal the involvement of additional associates and companies. Investigators are also examining financial records and property documents to assess the full scale of the alleged fraud.
The arrest has sparked concern among investors and buyers in Gurugram’s commercial real estate market, highlighting the risks involved in property transactions without clear title verification. Police officials have said more arrests are possible as the investigation progresses.
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