ED Conducts Raids on 32nd Avenue Group Amidst Rs 500 Crore Fraud Investigation
Synopsis
The Enforcement Directorate has taken decisive action against the 32nd Avenue Group, linked to a massive Rs 500 crore Ponzi scheme. With searches across multiple cities and significant asset seizures, this case reveals a complex web of fraud targeting unsuspecting investors.
Key Takeaways
The ED has initiated a crackdown on the 32nd Avenue Group amid a major Ponzi scheme investigation.
Asset seizures include Rs 1.05 crore in cash and Rs 1.5 crore in jewelry.
Promoters are accused of living lavishly off defrauded investor funds.
Investors are urged to remain vigilant against financial fraud.
The investigation is still active, with major implications for the accused.
New Delhi, April 16 (IANS) In a significant move against a fraudulent Rs 500 crore Ponzi scheme, the Enforcement Directorate (ED) conducted searches at seven locations spanning Delhi-NCR, Goa, Jaipur, and Mumbai, all associated with the 32nd Avenue Group. During these operations, the agency confiscated Rs 1.05 crore in cash and jewelry valued at Rs 1.5 crore, as stated by an official on Thursday.
The raids targeted the company's promoter-directors, Anubhav Sharma and Dhruv Sharma, among others, occurring on April 13 and 14, according to the official statement.
The ED reported that the directors exploited funds from unsuspecting investors to finance a lavish lifestyle, which included residing in upscale apartments in Gurugram and owning a yacht in Goa.
Dhruv Sharma and Shirin Sharma were previously detained by Haryana Police and are currently held in judicial custody, whereas Anubhav Sharma and Mamta Sharma remain at large.
The investigation by the ED commenced following multiple FIRs lodged by the Delhi Police and Gurugram Police under various sections of the IPC, 1860, against Anubhav Sharma, Dhruv Sharma, and their associates.
The accused are implicated in organized and systematic criminal activities, which included enticing investors, failing to deliver property ownership, misappropriating funds, and creating and utilizing forged documents. This led to significant Proceeds of Crime, as reported by the ED.
According to the findings, the accused generated over Rs 500 Crore in illicit proceeds by diverting investors' funds, which were subsequently funneled through numerous accounts belonging to shell or benami entities.
The investigation also disclosed that the accused marketed virtual spaces to various investors, leased them out, and promised attractive rental returns for a limited time. Subsequently, these virtual spaces were reconfigured in project layout maps and resold to other investors. This scheme constituted a fraudulent Ponzi operation within the illegal virtual commercial sector, defrauding the public at large.
Point of View
The ED's actions against the 32nd Avenue Group highlight the ongoing battle against financial fraud in India. This investigation not only underscores the need for investor vigilance but also emphasizes the government's commitment to tackling organized crime and protecting the interests of the public.
NationPress
18 Jul 2026
Frequently Asked Questions
What is the 32nd Avenue Group?
The 32nd Avenue Group is an entity implicated in a massive Ponzi scheme, which has been under investigation by the Enforcement Directorate for fraudulent activities.
What actions did the ED take?
The ED conducted searches at seven locations across various cities and seized substantial assets, including cash and jewelry, linked to the fraudulent scheme.
Who are the key figures involved?
The key figures include promoters Anubhav Sharma and Dhruv Sharma, with some individuals currently absconding or in custody.
What are the allegations against the accused?
The accused are alleged to have misappropriated investor funds, engaged in systematic fraud, and utilized forged documents to deceive investors.
What is the current status of the investigation?
The investigation is ongoing, with significant findings indicating the generation of illicit proceeds exceeding Rs 500 crore.
