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The Enforcement Directorate has provisionally attached properties and other assets worth INR 71.60 crore in a money laundering investigation involving Gurugram-based 32nd Avenue Group. The action, taken on 19 August under the Prevention of Money Laundering Act, follows multiple FIRs registered by Delhi and Gurugram police against the group and its promoter-directors. The ED said investors were allegedly induced to purchase commercial units through promises of assured leases, fixed rental income and buy-back arrangements. The attachment covers 76 immovable and 38 movable properties across Gurugram, Goa and Maharashtra, including commercial units, land, bank balances and an inland vessel.
The Enforcement Directorate (ED) has provisionally attached properties and other assets worth INR 71.60 crore in the 32nd Avenue Group money laundering case, following an investigation into alleged investment fraud involving commercial properties. The attachment was made on 19 August under the Prevention of Money Laundering Act (PMLA), 2002, after multiple FIRs were registered by Delhi Police and Gurugram Police against the group, its promoter-directors Anubhav Sharma, Dhruv Sharma and others.
According to the ED, the investigation has uncovered an organised and systematic method through which investors were allegedly induced to purchase commercial units on assurances of long-term leases, fixed rental income, buy-back arrangements and periodic increases in returns. In several cases, the agency said possession of the units was either not handed over to investors or was subsequently taken back.
The investigation has also found allegations that the same commercial spaces were sold or leased to multiple individuals. The ED said unit numbers, areas and layouts were altered in some cases, while original units were divided into smaller spaces. Forged or fabricated sale and conveyance documents were allegedly used to transfer these subdivided units to third parties.
The agency said rental payments were initially made for a limited period to sustain the arrangement but were subsequently stopped, while control over the underlying properties was retained. The investigation also identified instances in which tax deducted at source (TDS) from rental payments was allegedly not deposited with the Income Tax Department.
The ED further alleged that funds collected from investors were routed and layered through a network of more than 50 companies and limited liability partnerships. Many of these entities were found operating from common or non-functional addresses and were allegedly used to move and layer funds, according to the agency's investigation.
The agency has traced part of the funds received from the sale of properties at 32nd Avenue and related projects to the acquisition of properties in Goa and Maharashtra. The latest attachment covers 76 immovable properties, including commercial units in Gurugram and land and other properties in Goa and Maharashtra.
In addition, the ED has attached 38 movable properties. These include balances held in multiple bank accounts and an inland vessel. The action follows search operations conducted by the agency on 13 and 14 April across seven premises in Delhi-NCR, Goa, Jaipur and Mumbai.
The investigation originates from criminal cases registered by Delhi and Gurugram police involving allegations including cheating, criminal breach of trust, forgery and conspiracy. The ED said Anubhav Sharma, Dhruv Sharma, Mamta Sharma and Shirin Sharma, identified as key accused, are currently in judicial custody in the predicate case.
The latest attachment is provisional and forms part of the ongoing money laundering investigation. The ED said further investigation is under way as it continues to examine the flow and utilisation of funds and the assets allegedly acquired through the proceeds under investigation.
Source- Enforcement Directorate
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