The Enforcement Directorate (ED) has attached properties worth ₹71.60 crore belonging to Gurugram-based 32nd Avenue Group in connection with an alleged ₹500-crore Ponzi scheme involving investors in commercial properties.
The action follows investigations based on multiple First Information Reports (FIRs) registered by Delhi Police and Gurugram Police against the group, its promoter-directors Anubhav Sharma, Dhruv Sharma and others. The cases involve allegations of cheating, criminal breach of trust, forgery and conspiracy.
The ED said it initiated action under the Prevention of Money Laundering Act (PMLA), 2002, after its investigation identified an alleged organised method of collecting money from investors through commercial property offerings.
According to the agency, investors were allegedly encouraged to purchase commercial units based on assurances of long-term leases, fixed rental income, buy-back arrangements and periodic increases in returns. In several instances, the ED alleged that possession of the promised units was either not provided or was subsequently taken back.
The investigation also found allegations that the same commercial spaces were sold or leased to multiple individuals. The agency said unit numbers, areas and layouts were allegedly altered in some cases to facilitate multiple transactions.
The ED further alleged that original commercial units were subdivided into smaller units and that forged or fabricated sale and conveyance documents were used to transfer these properties to third parties. According to the agency, rental payments were initially made for a limited period and later stopped, while control over the properties remained with the group.
The investigation also identified alleged irregularities involving tax deducted at source (TDS). The ED said there were instances where TDS was deducted from rental payments but was not deposited with the Income Tax Department.
A major part of the investigation concerns the movement of funds received from investors. The ED said the funds were routed and layered through a network of more than 50 companies and limited liability partnerships (LLPs). Many of these entities were allegedly operating from common or non-functional addresses and were apparently used for routing funds.
The agency also traced the alleged utilisation of proceeds from property sales at 32nd Avenue and related projects towards the acquisition of properties in Goa and Maharashtra.
As part of the latest action, the ED attached 76 immovable properties, including commercial units in Gurugram and land or other properties in Goa and Maharashtra. The action also covers 38 movable properties, including balances held in multiple bank accounts and an inland vessel.
The ED had earlier conducted search operations on April 13 and 14 at seven premises across Delhi-NCR, Goa, Jaipur and Mumbai linked to the 32nd Avenue Group.
The agency said Anubhav Sharma, Dhruv Sharma, Mamta Sharma and Shirin Sharma are currently in judicial custody in the predicate case.
The attachment represents a significant development in the investigation into the alleged ₹500-crore scheme. Further proceedings will determine the legal status of the properties and the allegations against the accused.
