Gurugram police arrest Forbes-featured founder Dhruv Sharma for selling the same property to 25 buyers

Gurugram police have arrested Dhruv Dutt Sharma, founder, CEO and managing director of 32nd Avenue, also known as 32nd Milestone, for allegedly cheating multiple buyers in a commercial property deal worth around Rs 500 crore.

Police said Sharma sold one 3,000 square foot floor of a building in Sector 15, Gurugram, to more than 25 people between 2021 and 2023. He was produced before a local court and sent to six days of police remand.

The case is being investigated by Gurugram Police along with the Economic Offences Wing. The case started after Trom Ventures Private Limited filed a complaint in 2021. The company said it was offered Unit No. 24, a first-floor commercial space, for Rs 2.5 crore. The full payment was made in September 2021 and an agreement to sell was signed.

However, the conveyance deed was never registered in the buyer’s name despite repeated follow-ups and legal notices. During investigation, police found that the same floor was allegedly sold to around 25 other buyers.

Later, 30-year lease agreements were taken from these buyers under another firm, Growth Hospitality Private Limited. Police said rental payments were made, but ownership of the property was never legally transferred. An FIR was registered at the Civil Lines police station for cheating, criminal breach of trust, forgery and criminal conspiracy.

Police said Sharma admitted during preliminary questioning that the conveyance deed was not executed and the property was sold multiple times.

A spokesperson for Gurugram police said, “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.”

In a statement, a spokesperson for 32nd Avenue claimed that the dispute with Trom Ventures was settled through mutual understanding and said some recent payment delays were due to temporary vacancies caused by tenant changes.

Notably, Dhruv Dutt Sharma had earlier been featured by Forbes in its 30 Under 30 list in 2018.