Gurgaon: The economic offences wing of Gurgaon police is investigating what it describes as an “agreement-resale-leaseback” transaction pattern in a commercial unit at 32nd Milestone, one of Gurgaon’s biggest office hubs.Investigators are examining documents, financial trails and the role of multiple entities connected to a deal involving a 3,000 sqft first-floor unit. Officials said this leaseback arrangement is a key aspect of the alleged modus operandi under scrutiny, as it enabled control of the property to remain with linked entities despite changes in ownership on paper.According to police, the unit worth Rs 2.5 crore — in Sector 15 Part-II — was sold through an agreement in 2021 and though payment was received, conveyance deed was not executed in favour of the initial buyer. The same unit, according to police, was subsequently sold to multiple other purchasers between 2022 and 2023 through separate conveyance deeds. The space was, however, later taken back on a long-term lease by a related hospitality firm — 32nd Vistas Pvt Ltd — allowing continued use of the property. Company director Dhruv Dutt Sharma, who is related to promoters of Kingdom of Dreams (KoD), is the main accused in the case. He was arrested last week.There was no immediate response available from Sharma or the company linked to the project at the time of publication. Police emphasised that the investigation is ongoing and “all allegations are yet to be tested in court”.According to a police statement, the complainant company — Tram Ventures Private Limited — paid the full amount and signed the agreement with 32nd Vistas Pvt Ltd — which, according to the police complaint, was earlier known as Apra Motels — but the conveyance deed was not executed in its favour despite repeated follow-ups. The Apra Group was a key partner in the ownership of the now closed iconic entertainment venue — Kingdom of Dreams (KoD) — in Sector 29.Investigators allege that between 2022 and 2023, the same unit was subsequently sold in parts to multiple other purchasers through separate conveyance deeds. Officers said they are examining the sequence of agreements and registrations to establish how ownership of the same space was transferred to several buyers over time.Police claim that after these transactions, the space was taken back on the long-term lease by the related hospitality firm, “allowing continued operational use of the premises”.Officers said the probe will also examine whether similar transaction patterns were used in other units or deals linked to the property. “The investigation is at an early stage and all documents are being scrutinised,” an officer familiar with the inquiry said, adding that further arrests or recoveries could follow depending on findings during remand.A local court sent company director Sharma to police custody for further questioning. Investigators said they are verifying company records, agreements to sell, conveyance deeds and transactions to determine the movement of funds and the involvement of other associates.
