ED seizes assets worth ₹71.60 crore in the 32nd Avenue Group case

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ED attaches assets in 32nd Avenue

Highlights

ED has attached assets worth ₹71.60 crore of 32nd Avenue Group under the Prevention of Money Laundering Act, 2002.
The investigation led to the attachment of 76 immovable and 38 movable assets, including commercial units in Gurugram, land in Goa and Maharashtra, and balances in bank accounts.
The group and its directors are under investigation by the ED and police for allegations of fake lease and sale promises to investors, forged documents, and tax evasion.

This article was translated from the original. Read the original version by our correspondent here.

Attachment Action and Investigation Findings

According to the Enforcement Directorate, this action was taken under the Prevention of Money Laundering Act, 2002, and the investigation was initiated based on several FIRs registered by Delhi Police and Gurugram Police. The group, its promoter-directors Anubhav Sharma, Dhruv Sharma, and others are under investigation for charges including fraud, criminal breach of trust, forgery, and conspiracy.

The investigation has revealed an organized modus operandi, where investors were lured to purchase commercial units with promises of long-term assured leases, fixed rental income, buy-back arrangements, and periodic increasing returns. In many cases, possession was not given or was later taken back, while the same commercial space was allegedly sold or leased to multiple people.

The agency states that after changing unit numbers, area, and layout, the original units were allegedly split into smaller parts and transferred to third parties using fake sale and transfer documents. To maintain the alleged fraud, rent was paid during the initial period but later stopped, while control over the properties was retained.

Scope of Assets and Regional Impact

The investigation also found instances where TDS was deducted but not deposited with the Income Tax Department. According to the agency, funds collected from investors were routed and layered through a network of over 50 companies and LLPs, many of which were found at similar or non-functional addresses.

The probe further revealed that proceeds from the sale of properties in 32nd Avenue and related projects were used to purchase assets in Goa and Maharashtra. A total of 76 immovable properties have been attached, including commercial units in Gurugram and land and other assets in Goa and Maharashtra, while 38 movable assets include balances in several bank accounts and an inland vessel.

Earlier, on 13.04.2026 and 14.04.2026, the ED conducted search operations at seven premises in Delhi-NCR, Goa, Jaipur, and Mumbai. Key accused Anubhav Sharma, Dhruv Sharma, Mamta Sharma, and Shirin Sharma are currently in judicial custody in the main criminal case, while further investigation is ongoing.

Our previous report detailed the provisional attachment of movable and immovable assets worth ₹22.70 crore by the Enforcement Directorate in the Dahod fake government office scam and the ongoing investigation under PMLA. That article explained how government grants were allegedly obtained through fake offices and documents, routed through multiple accounts, and also warned citizens about the risks of sharing bank account/KYC documents.

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