Whalesbook
The Alleged Scheme
Gurugram police have apprehended Dhruv Dutt Sharma, the founder of 32nd Avenue, in connection with a sprawling property fraud estimated at Rs 500 crore. Sharma is accused of perpetrating a sophisticated scheme where he allegedly sold the same commercial property floor, a 3,000 square foot unit in Sector 15, to more than 25 different buyers between 2021 and 2023. He was presented before a local court and remanded to six days of police custody for further interrogation. The investigation, spearheaded by the Gurugram Police and its Economic Offences Wing, commenced following a complaint lodged by Trom Ventures Private Limited in 2021.
Trom Ventures reported that it agreed to purchase Unit No. 24, a first-floor commercial space, for Rs 2.5 crore. Despite making full payment in September 2021 and signing an agreement to sell, the crucial conveyance deed, which legally transfers ownership, was never registered in the company's name, even after persistent follow-ups and legal notices. Authorities discovered that this same property unit had been marketed and sold to approximately 25 other individuals. Subsequently, 30-year lease agreements were reportedly drawn up with these buyers under another firm, Growth Hospitality Private Limited, while ownership remained legally un-transferred. Sharma has reportedly admitted during preliminary questioning that the conveyance deed was indeed not executed and the property was sold multiple times.
Regulatory Scrutiny
An First Information Report (FIR) has been registered at the Civil Lines police station, detailing charges of cheating, criminal breach of trust, forgery, and criminal conspiracy. Police officials confirmed Sharma's admission regarding the fraudulent transactions. A spokesperson for Gurugram police elaborated that Sharma finalized the deal for the first floor of the 32 Milestone Building for Rs 2.5 crore in 2021 but failed to execute the conveyance deed, subsequently selling it to numerous other individuals.
Company's Defense
In response to the allegations, a spokesperson for 32nd Avenue issued a statement claiming that the dispute with Trom Ventures had been settled through mutual understanding. The statement also attributed recent payment delays to temporary vacancies caused by tenant changes within the property. The company spokesperson added that reputational impact due to cyclical vacancy in a minority of spaces was unfortunate, despite decades of strong operational performance.
Investor Confidence at Stake
Dhruv Dutt Sharma's previous recognition on Forbes' 30 Under 30 list in 2018 now stands in stark contrast to the serious fraud allegations. This high-profile arrest casts a long shadow over investor confidence in Gurugram's commercial real estate market, potentially prompting increased due diligence and regulatory scrutiny for developers operating in the region.