MUMBAI: Not long ago, Dhruv Sharma was the poster boy of new-age Indian real estate. Boston University-educated, sharply branded and featured on the Forbes 30 Under 30 Asia list in 2019, he was seen as a rising entrepreneur. Today, the same businessman sits at the centre of a widening Economic Offences Wing (EOW) probe into what police and investors describe as a multi-crore commercial property scandal.
Sharma, 34, managing director and chief executive of 32nd Avenue, was arrested by the Gurugram EOW and placed in police custody after being produced before a magistrate. Investigators are examining allegations that the company sold the same commercial space to multiple buyers, inflating the suspected value of the fraud to around Rs 500 crore.
The case dents the carefully cultivated image of a founder who rebranded 32nd Milestone, one of Gurugram’s oldest NH-8 landmarks, into a high-end dining and retail hub. Under Sharma, the address became shorthand for boutique retail, Michelin-grade dining and what promoters marketed as a New York-style lifestyle in Haryana.
Before entering real estate, Sharma founded GuestHouser, a vacation-rental platform. His pivot to curated commercial spaces won industry attention and investor interest, culminating in his Forbes recognition. That rise is now being re-examined in light of mounting complaints.
According to police sources cited by Hindustan Times, more than 36 investors have recorded statements, while at least five FIRs relate to similar transaction patterns. The core allegation is that the same property units were sold to multiple investors without proper transfer of ownership.
One of the earliest complaints came from Traum Ventures Pvt Ltd, which told investigators it agreed in 2021 to buy a 3,000 sq ft unit at 32nd Milestone for Rs 2.5 crore. Although an agreement to sell was executed, the conveyance deed was never registered. Subsequent checks, the complaint alleges, showed the same floor had been sold to as many as 25 buyers between 2022 and 2023.
Investigators say the floor was later taken back on a 30-year lease through another firm, Growth Hospitality Pvt Ltd. Investors were paid assured rentals for a period, police said, until payments allegedly stopped in August 2025.
Additional complaints claim buyers were allotted smaller spaces than promised or faced long delays and non-payment of dues. Protests by some investors and employees have followed, along with allegations that Sharma had become unresponsive.
The EOW is also examining whether funds were diverted to acquire hotel assets and land in Goa and Rajasthan. Gurugram Police have informed the Enforcement Directorate to assess possible money-laundering angles.
32nd Avenue has pushed back. In a statement to The Indian Express, a spokesperson said the dispute with Traum Ventures had been amicably resolved and attributed payment delays to short-term vacancies and tenant churn. The company argued that a widely trusted brand had suffered reputational damage despite a long operating record.
For now, the contrast is stark. A founder once celebrated for selling aspiration and ambience is fighting allegations over ownership and dues. The journey from Forbes lists to police remand is not a verdict, but it is a sharp reminder of how quickly startup sheen can fade when scrutiny catches up.
In India’s deal-hungry property market, hype can build empires. It can also unravel them just as swiftly.
