Gurugram Real Estate CEO Arrested For Rs 500 Crore Fraud, Sold Same Property To 25 Buyers

Gurugram Police have arrested Dhruv Dutt Sharma, the CEO and director of a commercial real estate project called 32nd Revenue, in connection with a large-scale property fraud amounting to Rs 500 crore.

Investigators say Sharma is accused of cheating buyers by selling the same commercial floor to at least 25 individuals, with the total amount estimated at Rs 500 crore, as reported by News18‘s sister publication, Moneycontrol.

Sharma was sent to six days of police custody in connection with the fraud after he was produced before a Gurugram court on Friday, February 6. The arrest came after an investigation by the Economic Offences Wing, which probed Sharma’s transactions between 2021 and 2023.

The case centred around a single floor of a building

at the 32nd Milestone complex in Sector 15, Gurugram, measuring about 3,000 square feet. According to a complaint filed by Trom Ventures Private Limited, the company was offered Unit No. 24, a first-floor commercial space, for Rs 2.5 crore.

The company said that despite the entire amount being paid in September 2021 and an agreement to sell, the conveyance deed was never registered in its favour, even after repeated follow-ups. Furthermore, 32nd Avenue also failed to respond to notices in October 2023.

After subsequent verification, police said they found that the same floor had allegedly been sold to as many as 25 different buyers. Furthermore, police also said that long-term leases of the same space were taken from all 25 buyers after selling the floor for a period of 30 years through another firm, Growth Hospitality Private Limited.

“During preliminary investigation, Sharma revealed that he and his associates had finalised a deal in 2021 for the first floor of 32 Milestone Building for Rs 2.5 crore. The conveyance deed was not executed, and the same floor was later sold to 25 other individuals,” a Gurugram police spokesperson said.

An FIR was filed earlier this year alleging cheating, criminal breach of trust, forgery, and criminal conspiracy. Police officials said Sharma’s questioning is ongoing, with investigators scrutinising financial trails and related documents to determine the role of associates and the full scope of the alleged fraud.

However, a spokesperson for the 32nd Avenue told The Indian Express that the dispute with Trom Ventures had been “amicably resolved” following a mutual understanding. The company claimed the recent payment delays for some investors were due to temporary gaps in occupancy caused by routine tenant turnover.