The Gurugram Police have arrested Dhruv Dutt Sharma, founder, CEO, and managing director of the commercial real estate project 32nd Avenue, in connection with an alleged large-scale investment fraud that could exceed Rs500 crore.
According to investigators, Sharma is accused of cheating hundreds of investors by selling the same commercial property units multiple times while offering “assured” rental returns that were never honoured. Many investors allegedly continued to invest based on promises of fixed income, only to later discover that rental payments had stopped or were never made.
Following the arrest, the case has been handed over to the Economic Offences Wing (EOW) for an in-depth probe. Officials are now working to trace the flow of funds, identify additional victims, and determine the full scale of the suspected real estate scam.
Police sources said the investigation will also examine the financial structure of the project, agreements signed with investors, and whether funds were diverted for purposes other than those promised. More arrests are not being ruled out as the probe progresses.
Authorities have urged affected investors to come forward and cooperate with the investigation to help establish the total extent of the alleged fraud.
