ED attaches ₹71.60 crore assets in 32nd Avenue Group fraud case
(Judicial Quest News Network)
New Delhi: 19, August,2026-The Directorate of Enforcement (ED), Headquarters Office, has provisionally attached properties and assets worth Rs 71.60 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the 32nd Avenue Group case, marking a significant development in the agency’s probe into an alleged organised commercial property investment fraud.
The ED initiated its investigation on the basis of multiple FIRs registered by the Delhi Police and Gurugram Police against the 32nd Avenue Group, its promoter-directors Anubhav Sharma, Dhruv Sharma and others, for alleged offences including cheating, criminal breach of trust, forgery and criminal conspiracy.
According to the ED investigation, the accused allegedly operated through an organised and systematic modus operandi, inducing investors to purchase commercial units on the assurance of long-term leases, fixed rental income, buy-back arrangements and periodic enhancement of returns.
However, in several instances, possession of the promised units was allegedly never handed over or was subsequently taken back.
The probe further revealed allegations that the same commercial spaces were sold or leased to multiple persons, including through purported alterations in unit numbers, areas and layouts.
The ED has also alleged that original commercial units were subdivided into smaller units and that forged and fabricated sale and conveyance documents were used for transferring such units to third parties.
Investigators further found that, as part of the alleged scheme, rental payments were initially made to investors for a limited period before being discontinued, while control over the underlying properties was allegedly retained.
The investigation has also uncovered instances where Tax Deducted at Source (TDS) was allegedly deducted from rental payments but was not deposited with the Income Tax Department.
A major aspect of the money-laundering probe concerns the alleged routing and layering of investor funds through a network of more than 50 companies and LLPs. Several of these entities were reportedly found operating from common or non-functional addresses and were allegedly utilised for routing and layering of funds.
The ED has further traced the alleged utilisation of funds generated from the sale of properties at 32nd Avenue and related projects towards the acquisition of properties in Goa and Maharashtra.
As part of the latest action, the ED has provisionally attached 76 immovable properties, including commercial units in Gurugram and land and other properties situated in Goa and Maharashtra.
In addition, 38 movable properties have been attached, comprising balances maintained in multiple bank accounts as well as an inland vessel.
Earlier, the ED had conducted search operations on April 13 and 14, 2026, at seven premises spread across Delhi-NCR, Goa, Jaipur and Mumbai in connection with the case.
The agency stated that key accused Anubhav Sharma, Dhruv Sharma, Mamta Sharma and Shirin Sharma are presently in judicial custody in the predicate offence case.
The provisional attachment represents the latest financial action in the ongoing PMLA investigation, with the ED continuing to trace the flow and alleged laundering of funds derived from the underlying property transactions.
Further investigation is under progress.
