Delhi court seeks police report on plea against promoters of 32nd Milestone
A court here has sought an action-taken report from police on a plea seeking the registration of an FIR and stringent action against the promoters of the Gurugram-based “32nd Milestone” commercial project over alleged cheating, fund diversion and large-scale financial irregularities. Judicial Magistrate Devanshi Janmeja issued a notice on the application on February 5 and directed police to submit an action-taken report. The matter has been listed for further hearing on March 13.
Hours after the Delhi Court’s order, Gurugram Police on Saturday evening arrested the real estate company’s owner, Dhruv Sharma. Gurugram Police said that Sharma sold the same property to 25 persons, involving a cheating case of more than Rs 500 crore.
In the Delhi court, an application was filed by investor Arvind Gupta, a senior citizen who has accused the promoters and entities associated with the project of cheating, forgery, criminal conspiracy and criminal intimidation.
The plea names 32nd Vistas Private Limited, Growth Hospitality LLP and their promoters, including Dhruv Dutt Sharma, Shirin Sharma and Mamta Sharma. It seeks directions for the registration of an FIR, freezing of bank accounts, attachment of assets, a forensic audit of finances, suspension of passports and issuance of look-out circulars to prevent the accused from leaving the country.
According to the complaint, Gupta purchased a commercial unit in the project after being assured that the area would be demarcated shortly. The promoters allegedly offered guaranteed lease rentals for 30 years, along with a buyback option at any stage. A long-term lease agreement was executed, with assurances of regular monthly rental income, the plea says.
However, the complainant has alleged that the lease-rental payments stopped from August 2025. It has further been claimed that the promoters failed to deposit the Tax Deducted at Source (TDS) from September 2024 and defaulted on the Goods and Services Tax (GST) dues, statutory filings and employee-related contributions, such as ESI and PF, resulting in losses to investors, employees and the public exchequer.
The plea alleges that the investors were repeatedly assured that rentals and the TDS amounts were credited but were not reflecting due to “technical issues”, claims that later turned out to be false.
It also alleges that fabricated TDS certificates were circulated among the investors to show statutory compliance, despite no such deposits reflecting in official records.
When the investors sought demarcation, possession of the units or invoked the buyback option, the promoters allegedly expressed their inability to hand over possession, raising apprehensions that the same units may have been sold to multiple buyers.
Serious allegations of diversion and siphoning of funds have also been raised. The plea claims that despite earning rental income from operational restaurants and commercial establishments in the project, the promoters failed to clear the dues of the investors, employees, financial institutions and statutory authorities. It further alleges that substantial borrowings were raised and misused.
The application also says protests have been held outside the project premises, offices have allegedly been shut and basic utilities, such as electricity and water, disconnected due to the non-payment of the dues, while the promoters are claimed to be untraceable.
The plea has also sought an investigation into the expenditure on promotional campaigns and endorsements involving public figures. It clarifies that no allegations have been made against any celebrity and that the request is limited to examining the source of funds used for such promotions.
The Gurugram Police registered FIRs recently against the owner and certain officials linked to 32nd Avenue, a retail-and-entertainment hub, following protests by investors over the alleged non-payment of the promised amounts.
