Real estate entrepreneur Dhruv Dutt Sharma, founder and CEO of the commercial project 32nd Avenue and director of 32nd Milestone, was arrested on Friday for allegedly selling a single floor of a building to over 25 individuals, causing an estimated loss of Rs 500 crore, officials said. Sharma was produced in a city court and sent to police custody for six days following his arrest. Investigations revealed that he had defrauded several people in the process.
Tram Ventures Files Fraud Complaint
A complaint had been filed in January by Tram Ventures Private Limited against 32 Milestone Vistas Private Limited (formerly Apra Motels). The complainant stated that in 2021, Sharma and his associates offered a 3,000 sq. ft. unit (number 24) on the first floor for Rs 2.5 crore. Although the amount was paid, the necessary conveyance documents were not handed over, forcing buyers to chase the matter legally.
Floor Sold To 25 People
Further investigation revealed that between 2022 and 2023, a single key document for the floor was fraudulently made in the names of 25 other individuals. The floor was reportedly leased to these 25 persons for 30 years under another firm, Growth Hospitality Private Limited. The Economic Offences Wing arrested Sharma, and he is currently being interrogated, authorities added.
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