32nd Avenue CEO Dhruv Sharma arrested in Rs 2.5 crore cheating case, why Gurugram's popular hub facing protests?

Gurgaon Police on Friday arrested Dhruv Sharma, the founder, CEO, and managing director of 32nd Avenue, the commercial real estate project in Gurgaon, in connection with an alleged Rs 2.5-crore case of cheating. The Economic Offences Wing-II (EOW-II) of Gurugram Police arrested Sharma, who was produced before a Gurugram court, which remanded him in six days’ police custody. The cheating case is related to a 3,000-sq-ft first-floor unit at the 32nd Milestone complex at Gurugram Sector 15 in which the owners and developers were allegedly accused of non-compliance of the sale agreement for the unit but sold it to 25 other individuals.  

What is the cheating case? 

One complainant company, Trom Ventures Private Limited, in its complaint said that some people from the accused company contacted them in 2021 claiming to be major players in real estate, police said. “They offered to sell the unit for Rs 2.5 crore. On September 21, 2021, the complainant company paid the full amount, and an agreement to sell was executed. However, the conveyance deed was not registered in the complainant’s name despite repeated follow-ups. The accused company continued to make rental payments as per the agreement but delayed the deed execution,” a police spokesperson said. 

Due to non-compliance, Trom Ventures sent a legal notice to the accused on October 11, 2023, but it went without a response. During investigation, the complainant found out that between 2022 and 2023, conveyance deeds for the same unit had been executed in favour of some 25 other individuals, and the unit was allegedly fraudulently sold multiple times. 

In this matter, a FIR was registered on January 2 this year at the Kherki Daula police station for alleged cheating, criminal breach of trust, forgery, and criminal conspiracy.   

Dhruv Sharma studied in Boston University in the United States and resides in the super luxury DLF Camellias condominium, from Golf Course Road in the city. 

Protests, fraud grips popular establishment 

Earlier, the Gurugram Police had registered FIRs against the owner and other officials of 32nd Avenue, the retail hub that is home to popular hangouts and eateries, as the protests by investors increased for not receiving the promised payments. The establishment has been the focus of protests and allegations pointing to cheating and fraud.  

Investors have been crowding the complex protesting alleged delays in the payment of promised rentals and claim dues have not been paid to them since September 2025. A 32nd Avenue employee claimed that workers have not been paid “for months”. While a protester said that during protests, the management promises to pay off the pending rentals in a few weeks, but no action is taken.   

An Uttar Pradesh couple also alleged that they were defrauded of Rs 64 lakh through misrepresentation, cheating, and criminal breach of trust in a pre-leased commercial space investment. On their complaint, an FIR registered at Civil Lines police station in December accuses CEO Dhruv Sharma, his sister, parents, and other accused for criminal conspiracy, criminal breach of trust, cheating and dishonestly inducing delivery of property, and forgery.