Gurugram’s glitziest address is currently at the center of one of its biggest scandals. Dhruv Dutt Sharma, the 34-year-old CEO of 32nd Avenue has been arrested by the Gurugram Economic Offences Wing (EOW). After being produced before a magistrate for his case, Sharma was placed in remand of a police custody on Friday.
The arrest comes after allegations of a massive real estate scam that is reportedly worth around Rs 500 crore. Sharma allegedly sold the same commercial property to 25 different investors simultaneously.
A complaint that has been repeated by more than 36 investors at this point as per a report by Hindustan Times citing police sources, suggests a larger pattern. This development has pushed the amount involved in the case to a massive Rs 500 crore.
Who is Dhruv Sharma?
A graduate of Boston University in the United States, Dhruv Sharma was long held by many in Gurugram’s commercial real estate space as the face behind ‘luxury-centric, modern revolution’ of 32nd Milestone.
Sharma is the Managing Director and CEO of 32nd Avenue. He gained prominence for rebranding 32nd Milestone, one of Gurugram’s oldest landmarks on NH-8, into a high-end luxury dining and retail hub.
Before taking over as the CEO of 32nd Avenue in 2015, Dhruv founded GuestHouser, a vacation rental platform. Under his leadership, the 32nd Avenue became a “cool” destination, hosting international brands and curated culinary experiences.
His success was so visible that in 2019, he was featured in the Forbes 30 Under 30 Asia list. He didn’t just sell real estate; he sold a “vibe”—Michelin-standard restaurants, boutique retail, and the promise of a “New York lifestyle” in the heart of Haryana.
The story of Dhruv’s entrepreneurial success went downhill, when the ‘25 floor scam’ case was brought up in 2023 by Traum Ventures which was then followed by a stream of other angry investors who claimed to have been looted and exploited by the man behind the ‘success’ of 32nd Avenue.
The ‘25 buyers for one floor’ scam
As per a report by The Indian Express, Sharma’s multilayered scam was first brought by a complaint from Traum Ventures Pvt Ltd. In its complaint, Traum Ventures alleged that in 2021, 32 milestone approached the company with an offer to sell a 3,000sq ft commercial property (Unit No. 24) on the first floor of the 32nd Milestone complex.
The deal was reportedly finalised at ₹2.5 crore, with the payment made on 21 September 2021. While an agreement to sell was executed, the complainant has alleged that the conveyance deed transferring ownership was never registered, despite repeated follow-ups.
Internal checks conducted by the complainant later revealed a staggering pattern. Between 2022 and 2023, the same floor had allegedly been sold to 25 different individuals. To conceal the fraud, Sharma allegedly took the same floor back on a 30-year lease from these buyers under another firm, Growth Hospitality Pvt Ltd.
Police said the complainant issued a legal notice in October 2023, but received no response. During this period, the company continued to pay “assured rentals” to investors for months, creating an illusion of a legitimate, performing asset until payments stopped in August 2025.
While the initial arrest was linked to one unit, the scope of the case has widened significantly. Hindustan Times reports that at least 36 investors have already recorded statements with the EOW, in addition to the five FIRs that have been filed by the police in relation to separate cases that follow the same pattern.
According to a report by The Hindustan Times, multiple complaints have emerged from individuals across north west India claiming that they were duped by 32nd Avenues. While some claim that a similar fraud occurred with them, others claim that were sold properties much less in size than what was agreed upon.
As per a report by HT, over the past several days, investors and employees associated with 32nd Avenue have been staging protests, alleging non-payment of dues and claiming that Sharma had stopped responding to calls and messages.
The EOW is investigating if investor money was diverted to purchase hotel properties and plots in Goa and Rajasthan. Gurugram Police have sent an intimation to the Enforcement Directorate (ED) to examine the case for potential money laundering.
Response from 32nd Avenue
In a statement to The Indian Express, a spokesperson for 32nd Avenue claimed that the issue with Traum Ventures had been “amicably resolved” after a mutual understanding. The company had previously attributed payment delays to a short-term vacancy in a limited portion of the company’s Gurgaon property, arising from normal tenant churn and a change in tenancy.
“It is unfortunate that a brand widely regarded as both a customer and investor favourite has faced reputational impact due to cyclical vacancy in a minority of spaces, despite decades of strong operational performance and consistent delivery,” the company spokesperson said.