New Delhi [India], February 6 : A Delhi court of Saket has issued notice on an application seeking registration of an FIR and a series of stringent measures against the promoters of the Gurgaon-based commercial project "32nd Milestone," including freezing of bank accounts, a forensic audit of finances, suspension of passports, and issuance of Look Out Circulars.
The order was passed on Thursday by the Court of Judicial Magistrate First Class Devanshi Janmeja at Saket Courts, which directed the police to file an Action Taken Report. The matter has been listed for further hearing on March 13, 2026.
The application has been filed by an investor, Arvind Gupta, who has alleged financial irregularities, cheating, and diversion of funds by the entities involved in the development and management of the commercial project.
The plea seeks action against M/s 32nd Vistas Private Limited, Growth Hospitality LLP, and their promoters, including Dhruv Dutt Sharma, Shirin Sharma, Mamta Sharma and others, alleging large-scale fraud and mismanagement of investors' funds.
According to the complaint, the investor had purchased a commercial unit in the project and was assured that the portion would soon be demarcated. The promoters allegedly promised guaranteed lease rentals for 30 years and also assured a buyback option at any time if the investor wished to exit the project. A leasing rights arrangement was subsequently executed under which the purchased unit was placed on a long-term lease, and the investor was assured regular monthly rental income.
However, it has been alleged that payment of lease rentals stopped from August 2025 onwards. The complaint further claims that the accused failed to deposit Tax Deducted at Source (TDS) from September 2024 and were also in default of GST dues, statutory filings, and employee-related contributions such as ESI and PF. The application states that these alleged defaults have caused financial losses to investors, employees, and the public exchequer.
The complainant has alleged that investors were repeatedly assured that lease rentals and TDS payments had already been credited but were not reflected due to technical issues, which later turned out to be untrue. It is also claimed that fabricated TDS certificates were circulated among investors to create the impression that statutory deposits had been made, whereas no such deposits were reflected in official records.
The plea further states that when the investor demanded demarcation and possession of the purchased unit or, alternatively, a buyback as promised, the promoters allegedly expressed an inability to hand over possession. The application suggests that one possible reason could be that the same units may have been sold to multiple buyers.
Serious allegations have also been raised regarding the diversion and siphoning of funds. The application claims that despite receiving rental income from operational restaurants and shops in the project, the promoters allegedly failed to clear dues towards investors, employees, financial institutions, and statutory liabilities. It is further alleged that large borrowings were taken from financial institutions and private investors and were misused.
The plea states that a large number of investors and employees have been affected and that protests have been taking place outside the project premises. It has also been alleged that the project offices have been shut and utilities such as electricity and water supply disconnected due to non-payment, while the promoters are stated to be untraceable.
The application additionally raises concerns regarding funds allegedly being spent on promotional campaigns and media appearances. It refers to endorsements and promotional associations involving public figures such as Malaika Arora, Abhay Deol, Karan Johar, Manish Malhotra and Akshay Kumar, and seeks an investigation into the source of funds used for such activities, particularly when investors' dues are allegedly unpaid. No allegations have been made against these celebrities, and the plea only seeks examination of the financial trail of such promotional spending.
It is further alleged that substantial amounts are being spent on promotional events and lifestyle expenses while legitimate dues remain unpaid. On these grounds, the application seeks registration of an FIR, attachment of assets, forensic audit of accounts, suspension of passports of the promoters, and issuance of Look Out Circulars to prevent them from leaving the country.
Taking note of the allegations, the court has directed the police to submit a detailed status report on the action taken and fixed the matter for further consideration on March 13, 2026.
Recently, the Gurgaon Police also registered FIRs against the owner and certain officials linked to 32nd Avenue, the retail hub known for its restaurants and entertainment spaces, following protests by investors who claimed they were not receiving the payments that had been promised to them.
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