Gurugram Police has arrested Dhruv Dutt Sharma, the founder and CEO of the famous commercial project ’32nd Avenue’ (formerly known as 32nd Milestone). The Economic Offences Wing (EOW) took him into custody from his residence at DLF Camellias regarding a massive fraud estimated to be over Rs 500 crore. Sharma is accused of duping investors by selling the same property units to multiple buyers and promising guaranteed returns that were never fulfilled.
How Was the Scam Executed?
According to the police investigation, the company attracted investors with lucrative offers like 12% guaranteed annual returns and lease rentals for up to 30 years. Many people invested heavy amounts ranging from Rs 28 lakh to Rs 2.5 crore, hoping for a steady monthly income. However, the promised rental payments reportedly stopped around August 2025.
The investigation revealed a shocking detail that a single unit was often sold to more than 25 different people. For instance, a 3,000 square foot unit priced at Rs 2.5 crore was allotted to multiple investors simultaneously. Despite receiving full payments, the company did not execute the conveyance deeds or transfer ownership to the buyers.
Current Police Action and ED Alert
Dhruv Sharma was produced in court on February 7, 2026, and has been sent to police remand for six days. During this time, the police will interrogate him to find out where the investors’ money was transferred. More than 5 FIRs have been registered so far, and statements from around 50 complainants have been recorded.
The scope of the investigation is widening as the police have informed the Enforcement Directorate (ED). The authorities suspect money laundering and are looking into the financial transactions of companies like 32nd Milestone Vistas Pvt Ltd and Growth Hospitality Pvt Ltd. Police are also checking the roles of other directors and family members involved in the business.
