Gurugram Police Nab 32nd Avenue Founder Dhruv Sharma in ₹500 Crore Commercial Property Fraud Case

In a major development that has jolted Gurugram’s real estate and startup ecosystem, the Gurugram Police have arrested Dhruv Dutt Sharma, a well-known entrepreneur and founder of commercial real estate venture 32nd Avenue, in connection with an alleged large-scale property fraud. The case involves accusations of selling the same commercial property to multiple buyers, with the total fraud value estimated at around ₹500 crore.Dhruv Sharma

The arrest was carried out by the Economic Offences Wing (EOW) of Gurugram Police following a detailed investigation into complaints filed by several aggrieved investors. According to officials, Sharma allegedly sold or promised ownership of the same commercial floor to more than 25 buyers over a period of time, while failing to execute proper ownership transfer documents.

After his arrest, Sharma was produced before a local court, which granted six days of police custody for further interrogation. Authorities believe the case could widen as more investors are expected to come forward.

How the Alleged Property Scam Unfolded

The case traces back to 2021, when Trom Ventures Private Limited approached the police with a complaint against Sharma and his company. The firm claimed it had entered into an agreement to purchase a 3,000 square feet commercial unit on the first floor of the 32nd Avenue building in Gurugram’s Sector 15 for approximately ₹2.5 crore.

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Despite completing payments and signing agreements, the complainant alleged that the conveyance deed was never registered in its name, even after repeated follow-ups, legal notices and assurances. Investigations later revealed that the same property floor had been sold or leased to several other entities, without formally transferring legal ownership to any single buyer.

Police officials stated that while agreements were executed with multiple parties, ownership documentation was intentionally kept pending, allowing the accused to monetise the same asset repeatedly.

FIR Registered, Multiple Charges Invoked

Based on the findings, the Gurugram Police registered an FIR at the Civil Lines police station against Dhruv Sharma and related entities. The charges include cheating, criminal breach of trust, forgery and criminal conspiracy under relevant sections of the Indian Penal Code.

During preliminary questioning, police sources revealed that Sharma allegedly admitted that no conveyance deed was executed for the disputed floor, despite entering into multiple sale and lease agreements. Investigators are now scrutinising financial records, bank transactions, lease documents and internal communications to trace fund movement and identify possible accomplices.

Officials have not ruled out further arrests as the investigation progresses.

Shockwaves Across Gurugram’s Real Estate Market

The case has caused significant concern among real estate investors and commercial property buyers in Gurugram. Several buyers reportedly invested based on assurances of high rental returns, buyback clauses and long-term lease agreements, only to later discover overlapping ownership claims.

Industry experts say the incident highlights long-standing issues in the commercial real estate sector, including lack of transparency, delayed registrations and excessive reliance on private agreements instead of registered deeds. The case serves as a strong reminder for buyers to verify ownership records, ensure deed registration and conduct independent legal due diligence before investing.

From Startup Stardom to Legal Trouble

Dhruv Dutt Sharma was once seen as a rising star in India’s startup and real estate circles. He gained national attention after being featured in Forbes India’s “30 Under 30” list, which recognised young entrepreneurs for innovation and business impact.

His arrest, however, has sparked debate about unchecked celebrity status in the startup ecosystem and the need for stronger governance, investor protection and regulatory oversight.

As the Economic Offences Wing continues its probe, authorities expect more clarity on the scale of the fraud and the total number of affected investors in the coming weeks. The case is likely to play a key role in shaping conversations around accountability and trust in India’s fast-growing commercial real estate sector.