Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Dhruv Sharma, founder and CEO of Gurugram's 32nd Avenue commercial project, was arrested in connection with a major real estate fraud estimated at around INR 500 crore. Police allege Sharma sold the same commercial floor to nearly 25 different buyers using duplicate agreements and forged documents, promising ownership and assured returns. Complaints arose over denied access and missing legal papers. Multiple FIRs have been registered, and investigations are ongoing into financial trails, bank records, and possible shell companies. The case highlights gaps in investor protection and property transaction oversight in India.
Dhruv Sharma, founder, CEO and managing director of 32nd Avenue in Gurugram, was recently arrested by local authorities in connection with an alleged INR 500 crore real estate scam. Police allege that Sharma sold the same commercial floor to nearly 25 different investors, promising ownership rights, long term lease returns, and buy back assurances, while using duplicate agreements and forged documents. The alleged irregularities spanned transactions from 2021 to 2023. Advertisement
The fraud came to light after investors reported being denied access to their units, facing repeated delays, and not receiving legal ownership documentation. Among the complaints, Tram Ventures Private Limited claimed it had paid INR 2.5 crore for a unit but never received the corresponding legal transfer. Investigations revealed that the same unit documentation was prepared in the names of multiple investors, with leases sometimes extending up to 30 years to keep properties operational despite ownership disputes.
Authorities have registered several FIRs covering offences including cheating, forgery, and criminal conspiracy. Investigators are scrutinizing bank records, financial transactions, and the potential involvement of shell companies connected to the project. Reports indicate that investors across multiple cities could be affected, highlighting the large scale of the alleged fraud.
Sharma had been recognized in business circles, including a feature in Forbes 30 Under 30, and 32nd Avenue was marketed as a premium commercial destination. However, the arrest raises questions about transparency, documentation clarity, and regulatory oversight in commercial real estate transactions. Concerns have also emerged about unpaid statutory dues, such as TDS and employee salaries, and halted rental payments promised to investors. Some brokers involved reportedly earned high commissions, indicating inflated pricing at multiple stages.
The case underscores the need for due diligence by investors and highlights potential vulnerabilities in property transaction oversight. Courts have sought detailed reports from police, and further investigation will examine financial flows, documentation authenticity, and possible complicity among intermediaries and financial institutions.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
