New Delhi: The Enforcement Directorate (ED) has taken major action in an alleged ₹500-crore Ponzi scheme and money laundering case linked to Gurugram-based 32nd Avenue Group. The agency has attached properties worth ₹71.60 crore belonging to the group under the Prevention of Money Laundering Act (PMLA), 2002. According to the ED, its investigation has uncovered an “organised and systematic modus operandi” under which investors were allegedly induced to purchase commercial units with promises of assured long-term leases, fixed rental income, buy-back arrangements and periodic increases in returns.
The ED said its investigation was initiated on the basis of multiple FIRs registered by the Delhi Police and Gurugram Police against 32nd Avenue Group, its promoter-directors Anubhav Sharma and Dhruv Sharma, and others. The FIRs relate to allegations including cheating, criminal breach of trust, forgery and criminal conspiracy. The central agency has been tracing the alleged proceeds of crime arising from these cases.
According to the ED, investors were allegedly persuaded to purchase commercial units by offering assured rental returns and other financial benefits. In several cases, the agency alleged, possession of the units was either not handed over or was subsequently taken back. The investigation also allegedly found instances where the same commercial spaces were sold or leased to multiple individuals.
The agency claimed that unit numbers, areas and layouts were allegedly altered to facilitate multiple transactions involving the same properties. Original commercial units were allegedly subdivided into smaller units, after which forged and fabricated sale and conveyance documents were allegedly used to transfer the subdivided units to third parties.
The ED further alleged that rental payments were initially made for a limited period to maintain investors’ confidence, but were later stopped while control over the properties remained with the group. In some cases, the agency also found that Tax Deducted at Source (TDS) was deducted from rental payments but allegedly not deposited with the Income Tax Department.
The investigation has also highlighted an alleged fund-routing and layering network involving more than 50 companies and Limited Liability Partnerships (LLPs). According to the ED, several of these entities were operating from common or non-functional addresses and were allegedly used for routing and layering funds collected from investors.
The agency also traced the alleged utilisation of money generated from the sale of properties at 32nd Avenue and related projects to the acquisition of properties in Goa and Maharashtra. These transactions are now part of the agency’s investigation into the alleged laundering of funds generated through the purported investment scheme.
As part of the latest action, the ED has attached 76 immovable properties. These include commercial units in Gurugram as well as land and other properties located in Goa and Maharashtra. The agency has also attached 38 movable properties, including balances held in multiple bank accounts and an inland vessel.
The latest attachment follows search operations conducted by the ED on April 13 and 14 at seven premises linked to the 32nd Avenue Group across Delhi-NCR, Goa, Jaipur and Mumbai. During the searches, the agency examined documents and financial records allegedly relating to investor collections, fund transfers and property transactions.
The ED said the investigation is continuing to establish the flow of funds, the role of various entities in the alleged layering network and the connection between investor funds and properties acquired in different states.
The key accused in the predicate case—Anubhav Sharma, Dhruv Sharma, Mamta Sharma and Shirin Sharma—are currently in judicial custody, according to the agency. The latest attachment represents a further step in the money laundering investigation, with the ED examining whether properties and financial assets were acquired or generated from the alleged proceeds of crime.
However, the allegations made by the ED are part of an ongoing investigation. The final legal liability of the accused will depend on the evidence presented and the outcome of the judicial proceedings.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
