ED Storms 7 Locations Across India in High-Profile Probe Against 32nd Avenue Promoters
(By Syed Ali Taher Abedi)
New Delhi, April 17: The Directorate of Enforcement (ED) has carried out extensive search operations across multiple cities in connection with its ongoing probe into the alleged financial irregularities involving the 32nd Avenue Group and its promoter-directors.
The searches were conducted on April 13 and 14 at seven premises located in Delhi-NCR, Goa, Jaipur and Mumbai as part of the investigation against Anubhav Sharma, Dhruv Sharma and other associated individuals.
According to officials, the ED initiated its investigation based on several FIRs registered by the Delhi Police and Gurugram Police under various provisions of the Indian Penal Code, 1860.
The accused are alleged to have engaged in a systematic and organised criminal enterprise involving inducement of investors, failure to deliver possession of promised properties, diversion and misappropriation of funds, and the use of forged documents.
Preliminary findings of the investigation indicate that proceeds of crime exceeding ₹500 crore were generated through these activities.
The agency has alleged that the funds collected from investors were routed through multiple bank accounts linked to shell and benami entities to conceal their origin.
The ED further revealed that the accused operated a fraudulent scheme involving the sale of “virtual commercial spaces” to multiple investors. These spaces were allegedly leased back to investors with assurances of attractive rental returns for a limited period. Investigators found that the same virtual spaces were repeatedly altered in project layouts and resold to different investors, effectively running a Ponzi-like scheme that defrauded the public at large.
Authorities also stated that funds siphoned from investors were used by the promoters to finance a lavish lifestyle, including high-end residential properties in Gurugram and luxury assets such as a yacht in Goa.
During the course of the searches, officials seized cash amounting to ₹1.05 crore and froze bank lockers. Gold bullion and jewellery valued at approximately ₹1.5 crore were also recovered. In addition, several incriminating documents, digital devices, and records related to property transactions were seized, and certain bank accounts have been frozen.
The agency has identified multiple immovable properties, including land and buildings in Gurugram, Goa and parts of Maharashtra, which are suspected to have been acquired through proceeds of crime.
Meanwhile, Dhruv Sharma and Shirin Sharma have been arrested by Haryana Police and are currently in judicial custody. Anubhav Sharma and Mamta Sharma are reported to be absconding.
The investigation in the case is ongoing, with further action expected in the coming days.
