Rent Promises, Red Flags & Runaway Dues: Saket Court Seeks Police Report On '32nd Milestone' Project Promoters

Last Updated:February 06, 2026, 18:21 IST

An application has been moved by investor Arvind Gupta, who has accused the promoters of financial misconduct, cheating, and siphoning of investors’ funds

What began as a promise of guaranteed rentals and glossy commercial returns has now landed the promoters of Gurugram’s “32nd Milestone" project in a Delhi courtroom, with a magistrate seeking a detailed police response to allegations of cheating, fund diversion, and large-scale financial irregularities.

A Judicial Magistrate First Class at Saket Courts has issued notice on an application seeking registration of an FIR and a slew of stringent measures against the promoters and entities behind the commercial project, including freezing of bank accounts, a forensic audit of finances, suspension of passports, and issuance of Look Out Circulars. The order was passed on February 5 by JMFC Devanshi Janmeja, directing the police to file an Action Taken Report (ATR). The matter is scheduled for further hearing on March 13.

The application has been moved by investor Arvind Gupta, who has accused the promoters of financial misconduct, cheating, and siphoning of investors’ funds. Action has been sought against M/s 32nd Vistas Private Limited, Growth Hospitality LLP, and their promoters, including Dhruv Dutt Sharma, Shirin Sharma, Mamta Sharma, and others.

According to the complaint, the investor had purchased a commercial unit in the project after being assured that the unit would be demarcated shortly. The promoters allegedly offered guaranteed lease rentals for a period of 30 years, along with a buyback option at any stage if the investor chose to exit. A leasing arrangement was subsequently executed, under which the unit was placed on a long-term lease with assurances of regular monthly rental income.

However, the complaint alleges that lease rental payments stopped from August 2025 onwards. It further claims that the promoters failed to deposit Tax Deducted at Source (TDS) from September 2024 and defaulted on GST dues, statutory filings, and employee-related contributions such as ESI and PF, allegedly causing losses to investors, employees, and the public exchequer.

The complainant has alleged that investors were repeatedly told that rental payments and TDS deposits had already been credited but were not reflecting due to “technical issues", claims that later turned out to be false. It is further alleged that fabricated TDS certificates were circulated among investors to create the impression that statutory deposits had been made, despite no such entries appearing in official records.

When the investor sought demarcation and possession of the purchased unit or invoked the buyback option, the promoters allegedly expressed their inability to hand over possession. The application suggests that one possible reason could be multiple sales of the same commercial units.

Serious allegations of diversion and siphoning of funds have also been raised. The plea claims that despite earning rental income from operational restaurants and commercial establishments at the project, the promoters failed to clear dues owed to investors, employees, financial institutions, and statutory authorities. It is also alleged that substantial borrowings were raised from banks and private investors and were misused.

The application further states that protests have been taking place outside the project premises, offices have allegedly been shut, and essential utilities such as electricity and water supply disconnected due to non-payment of dues, while the promoters are claimed to be untraceable.

Concerns have also been raised regarding alleged expenditure on promotional campaigns and high-profile endorsements. The plea refers to associations involving public figures such as Malaika Arora, Abhay Deol, Karan Johar, Manish Malhotra, and Akshay Kumar, and seeks investigation into the financial trail of such promotional spending at a time when investor dues allegedly remain unpaid. No allegations have been levelled against these celebrities, and the plea confines itself to examining the source of funds used for such promotions.

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 Saket court has directed the police to submit a detailed status report and listed the matter for further consideration on March 13.

The company has said in a statement that recent delays in rental payments have been driven by a short-term vacancy in a limited portion of its Gurugram property, arising from normal tenant churn and a change in tenancy, and that “replacement leasing is already underway and being prioritised".

Notably, the legal action in Delhi follows recent FIRs registered by Gurugram Police against the owner and certain officials associated with “32nd Avenue", the popular retail and entertainment hub, after investor protests.

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