Prominent Real Estate CEO Arrested
Dhruv Dutt Sharma, the Chief Executive Officer and Managing Director of 32nd Avenue (also known as 32nd Milestone), was arrested on Friday, February 6, 2026, by the Gurugram Police's Economic Offences Wing (EOW). The arrest is in connection with an alleged property fraud estimated to be worth approximately ₹500 crore. Sharma, 34, a US-educated entrepreneur and a Boston University graduate, was previously featured in the Forbes 30 Under 30 Asia list in 2018.
Allegations of Multiple Sales and Unfulfilled Promises
The core of the fraud allegations centers on the sale of a single commercial unit, specifically Unit No. 24, a 3,000 sq ft space on the first floor of the 32nd Milestone complex. Investigators allege that this unit was sold to more than 25 different buyers between 2022 and 2023. Police reports indicate that Sharma allegedly lured investors with promises of:
- Guaranteed lease rentals for up to 30 years
- Attractive buyback options
- Regular monthly income
However, many investors reportedly never received their conveyance deeds, and rental payments allegedly ceased from August 2025. Furthermore, statutory dues, including TDS, GST, PF, and ESI, were reportedly not deposited despite assurances.
Investigation Underway
The investigation was initiated following a complaint filed in January 2026 by Tram Ventures Private Limited. This company alleged that they paid ₹2.5 crore in September 2021 for a commercial unit, but the ownership transfer was never completed. Sharma was produced before a city court and has been remanded to six days of police custody as the EOW continues its detailed probe into the money trail and property transactions. The alleged fraudulent activities are believed to have occurred between 2021 and 2023.
Impact on Investors and Real Estate Sector
The arrest has raised significant concerns regarding investor safety and regulatory oversight within India's commercial real estate sector. Officials suggest that the actual number of duped individuals could range between 500 and 1,000, with each investor potentially losing between ₹1 crore to ₹2.5 crore. The ongoing investigation aims to identify other potential accomplices, recover the defrauded amount, and secure relevant documents related to the alleged scam.
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