Gurugram police have arrested Dhruv Dutt Sharma, founder, CEO and managing director of thirty second Avenue, also called thirty second Milestone, for allegedly dishonest a number of patrons in a industrial property deal value round Rs 500 crore.

Police mentioned Sharma offered one 3,000 sq. foot flooring of a constructing in Sector 15, Gurugram, to greater than 25 folks between 2021 and 2023. He was produced earlier than a neighborhood courtroom and despatched to 6 days of police remand.

The case is being investigated by Gurugram Police together with the Financial Offences Wing. The case began after Trom Ventures Non-public Restricted filed a grievance in 2021. The corporate mentioned it was provided Unit No. 24, a first-floor industrial house, for Rs 2.5 crore. The complete cost was made in September 2021 and an settlement to promote was signed.

Nonetheless, the conveyance deed was by no means registered within the purchaser’s identify regardless of repeated follow-ups and authorized notices. Throughout investigation, police discovered that the identical flooring was allegedly offered to round 25 different patrons.

Later, 30-year lease agreements had been taken from these patrons below one other agency, Progress Hospitality Non-public Restricted. Police mentioned rental funds had been made, however possession of the property was by no means legally transferred. An FIR was registered on the Civil Traces police station for dishonest, felony breach of belief, forgery and felony conspiracy.

Police mentioned Sharma admitted throughout preliminary questioning that the conveyance deed was not executed and the property was offered a number of instances.

A spokesperson for Gurugram police mentioned, “Throughout preliminary investigation, Sharma revealed that he and his associates had finalised a deal in 2021 for the primary flooring of 32 Milestone Constructing for Rs 2.5 crore. The conveyance deed was not executed, and the identical flooring was later offered to 25 different people.”

In a press release, a spokesperson for thirty second Avenue claimed that the dispute with Trom Ventures was settled via mutual understanding and mentioned some latest cost delays had been on account of non permanent vacancies brought on by tenant modifications.

Notably, Dhruv Dutt Sharma had earlier been featured by Forbes in its 30 Under 30 list in 2018.