Real estate entrepreneur Dhruv Dutt Sharma, founder and CEO of the commercial real estate project 32nd Avenue and director of 32nd Milestone, has been arrested by the Gurugram police’s Economic Offences Wing for allegedly selling the same floor of a commercial building to more than 25 individuals, causing an estimated loss of around ₹500 crore. Sharma was produced before a city court and remanded to six days of police custody as investigations into the alleged fraud continue.

A spokesperson of Gurugram police said in January, a complaint was filed by a representative of Tram Ventures Private Limited against the Apra Motels, now the 32 Milestone Vistas Private Limited, according to a report by NDTV.com.

The complaint said that in 2021, the firm’s directors and shareholders contacted Tram Ventures and offered a 3000 sq. ft. unit (number 24) on the first floor of his 32nd Milestone Complex for sale. The deal was apparently done at Rs 2.5 crore and the amount was paid on September 21 that year.

But they did not receive the necessary documents and had to run from the pillar to post.

Tram Ventures then filed a complaint and investigation revealed that between 2022 and 2023, one of the key documents was made in the name of 25 other persons. A police case was then filed. 

Following investigation by the Economic Offences Wing, Dhruv Dutt Sharma was arrested on Friday, the police said.

“During preliminary investigation, Sharma revealed that he, along with other associates, had done a deal with the complainant company in the year 2021 for the first floor of 32 Milestone Building for Rs 2.5 crore,” the spokesperson said.

The conveyance deed for the floor was not executed in his name, and the floor was sold to 25 other individuals, he said. The floor was taken on lease from all 25 persons for 30 years in the name of their other firm — Growth Hospitality Private Limited — the spokesperson said.

Sharma is currently being interrogated.