Who is Dhruv Sharma, 32nd Avenue CEO arrested in ₹500 crore cheating case?

The Gurugram police arrested Dhruv Sharma following allegations of multiple sales of a single commercial unit, with losses across cases estimated at about ₹500 crore

The Gurgaon police arrested Dhruv Dutt Sharma, a real estate entrepreneur, in connection with a cheating case linked to a commercial property project. Police allege that a single floor of a building was sold to multiple buyers, with the total amount involved across complaints estimated at nearly ₹500 crore. 

Sharma, a director at 32nd Milestone, also known as 32nd Avenue, was arrested on Friday and later produced before a local court. The court remanded him to six days of police custody. The Economic Offences Wing (EOW) of the Gurugram police is investigating the case, news agency PTI reported.

Who is Dhruv Sharma?

Dhruv Sharma, 34, is the founder and CEO of 32nd Avenue, a popular location in Sector 15 of Gurugram. He completed his higher education in the United States and graduated from Boston University in 2013. 

 

According to his LinkedIn profile, Sharma holds a Bachelor of Applied Science (BA Sc) degree with a focus on entrepreneurship, computer science and hospitality. Soon after completing his studies, he entered the startup space. 

In 2014, Sharma founded GuestHouser, a platform designed to help users discover and book vacation rentals. The venture gained traction and brought him early recognition in the startup ecosystem. In 2018, he was featured in the ‘Forbes 30 Under 30 – Asia’ list under the retail and ecommerce category. 

Before taking charge as CEO of 32nd Avenue in 2015, Sharma had already made a name for himself as a startup founder. Since 2015, he has served as the managing director of 32nd, overseeing the development and management of the company’s commercial real estate portfolio. 

Under his leadership, the company expanded its footprint across several cities, including Delhi-NCR, Hyderabad and Goa.

Why was Dhruv Sharma arrested?

The arrest follows a complaint filed by Traum Ventures Pvt Ltd, which alleged cheating and criminal conspiracy. According to the first information report registered on January 2, the company entered into an agreement with Sharma and his associates in September 2021. 

The agreement was for the purchase of a 3,000-sq-ft commercial unit on the first floor of the 32nd Avenue building for ₹2.5 crore. While an agreement to sell was signed, the complainant alleged that the conveyance deed transferring ownership was never registered, despite repeated follow-ups. 

Police said that the complainant issued a legal notice in October 2023 but received no response. During this time, rent for the commercial space continued to be paid to the complainant, as per the agreement. This, investigators said, initially concealed the alleged wrongdoing, Mint reported. 

However, during later internal checks, the complainant discovered that between 2022 and 2023, conveyance deeds for the same floor were allegedly executed in favour of 25 different individuals. This led to the registration of the FIR. 

The case has been filed under Sections 120-B (criminal conspiracy) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code.

Court seeks report on plea against promoters

A court in Delhi has taken note of allegations related to the same commercial project. A Judicial Magistrate First Class at Saket Court issued notice on an application seeking strict action against the promoters of the Gurugram-based project “32nd Milestone”. 

The application was filed by an investor, Arvind Gupta, who alleged cheating, diversion of funds, and other financial irregularities by the entities responsible for developing and managing the project. The plea calls for the registration of an FIR and demands several measures, including freezing of bank accounts, a forensic audit of company finances, suspension of passports and issuance of look out circulars against those involved. 

The court directed the police to submit an action taken report and listed the matter for further hearing on March 13.

 

(With agency inputs)