Gurgaon: The economic offences wing (EOW) of city police on Thursday arrested a 34-year-old company director for allegedly cheating a real estate firm of Rs 2.5 crore by selling the same commercial unit in a prominent complex at Sector 15 to multiple buyers.The accused has been identified as Dhruvdutt Sharma, an original resident of Civil Lines who currently lives in Golf Course Road. Police said he is one of the directors of 32nd Vistas Private Limited — the developer of 32nd Milestone — a company involved in real estate leasing. Investigators said the case could be part of a much larger fraud involving hundreds of investors and transactions running into several crores.
According to police, the concerned unit was offered for sale to Trom Ventures Private Limited for Rs 2.5 crore in 2021. “After receiving the full payment on Sept 21, 2021, the accused company executed an agreement to sell but did not register the conveyance deed in the buyer’s name,” an officer said.Police said despite multiple assurances, the complainant company never received the conveyance deed. A legal notice was issued in Oct 2023, but no response followed. Though rent for the unit continued to be paid as per the agreement, the ownership was never transferred.During a subsequent internal probe, the complainant discovered that between 2022 and 2023, conveyance deeds of the same unit were executed in favour of 25 other individuals. Cops said the original sale agreement was fraudulently terminated and the unit was sold in parts, causing a loss of Rs 2.5 crore to the complainant.On the basis of the complaint, an FIR was registered in Jan 2026 under sections related to cheating and criminal breach of trust. The case was taken up by EOW-II for a detailed financial and property trail.During preliminary questioning, police found that after selling the unit to multiple buyers, the accused and his associates took the property back on a 30-year lease from all 25 purchasers in the name of another firm, Growth Hospitality Private Limited. Investigators added that this structure was allegedly used to retain operational control of the property while extracting money from multiple investors.A senior officer indicated the scope of the case may be far wider than the initial complaint. ACP (EOW) Vishal Kumar said that preliminary findings point to fraud involving nearly 500 people. “Around 100 individuals have approached the police so far, leading to the registration of 5 FIRs. Within these cases, statements of 35–36 victims were already recorded, while more complainants continue to come forward.”He further said that early financial analysis suggests that a portion of the money collected from investors was siphoned off to locations including Goa and Neemrana.Officers said custodial questioning is required to identify other associates, recover defrauded funds, seize relevant documents and examine the possibility of similar frauds linked to the company and its directors.
