Real estate firm 32nd Avenue CEO Dhruv Dutt Sharma was arrested, and the Indian real estate sector is currently witnessing one of its biggest legal battles as the head of a major commercial project faces serious allegations. In this article, you can learn more about the investigation and the shocking details of the case. Let’s look at the details.

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32nd Avenue CEO Arrested: The Inside Story of the Rs 500 Crore Gurugram Property Scandal

32nd Avenue CEO Arrested following a deep investigation into a massive financial scam involving one of Gurgaon’s most popular commercial hubs. Dhruv Dutt Sharma, the founder and MD of the project, is accused of orchestrating a scheme that duped dozens of investors out of hundreds of crores.

The Core of the Gurugram Property Fraud Case

This section breaks down how a single commercial unit became the center of a multi million dollar criminal investigation.

The Gurugram Property Fraud Case focuses on a specific 3,000 square foot floor located within the 32nd Milestone complex in Sector 15.

• The Economic Offences Wing found that the same commercial floor was sold to 25 different individuals.
• The total fraud amount is estimated to be around Rs 500 crore (approx. AED 221 million).
• One complainant, Trom Ventures, paid Rs 2.5 crore (AED 1.1 million) in 2021 but never received the property deed.
• Despite multiple legal notices sent in 2023, the developer failed to respond, triggering the police probe.

Understanding the Dhruv Sharma Real Estate Scam Strategy

An analysis of the complex leasing and selling methods allegedly used to deceive high-net-worth investors.

The Dhruv Sharma Real Estate Scam involved more than just multiple sales; it included a complicated “leaseback” arrangement to keep buyers in the dark.

• After selling the same space to 25 people, the firm allegedly took the property back on lease for 30 years.
• This was done through another company called Growth Hospitality Private Limited.
• By paying “rent” to the buyers, the developers managed to delay any suspicion of Commercial Real Estate Cheating.
• The 32nd Avenue CEO Arrested reports suggest that the transactions took place between 2021 and 2023.

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Police Action and the 32nd Milestone Gurgaon Fraud Investigation

Details on the FIR, the court proceedings, and the ongoing interrogation of the accused.

The 32nd Milestone Gurgaon Fraud has led to the registration of an FIR involving charges of forgery, criminal conspiracy, and breach of trust.

• Dhruv Sharma was produced in court and sent to six days of police custody for further questioning.
• Police are currently tracing the financial trail of the Rs 500 crore (AED 221 million) to see where the funds were diverted.
• The investigation aims to identify other associates who helped facilitate this Commercial Real Estate Cheating.
• The police spokesperson confirmed that the conveyance deeds for the buyers were never actually executed in the government records.

Market Impact and Company Response

How this arrest affects the reputation of the 32nd Avenue project and what the company has to say in its defense.

News of the Dhruv Sharma Real Estate Scam has sent shockwaves through the investor community, especially for NRIs in the UAE who invest in Indian property.

• A company spokesperson claimed the dispute with the primary complainant had been “amicably resolved.”
• The firm attributed payment delays to “routine tenant churn” rather than a systematic Gurugram Property Fraud Case.
• Experts suggest that this case highlights why investors must verify “Title Deeds” and registration documents before paying.
• The 32nd Avenue CEO Arrested news has prompted other investors to double-check their own property registrations at the 32nd Milestone.

Frequently Asked Questions (FAQ)

1. What is the total amount involved in the 32nd Avenue fraud? The police estimate the total scam to be around Rs 500 crore, which is roughly AED 221 million.

2. How did one property get sold to 25 people? The developer allegedly executed “Agreements to Sell” with multiple buyers for the same unit without ever officially registering the final deed with the government.

3. What charges is Dhruv Sharma facing? He is facing charges under the Indian Penal Code for cheating, forgery, criminal breach of trust, and criminal conspiracy.

4. Is the 32nd Avenue project still operational? While the CEO is in custody, the project itself remains a popular commercial destination, though legal proceedings may impact future developments.

Conclusion

The news of the 32nd Avenue CEO Arrested serves as a stark warning for real estate investors across the globe. Always ensure that your property is legally registered in your name to avoid falling victim to such complex financial crimes.

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