Enforcement Directorate Raids 32nd Avenue Group in Massive 500 Crore Ponzi Scheme Case
NEW DELHI, April 16, 2026 — The Directorate of Enforcement (ED) has intensified its crackdown on financial irregularities within the real estate sector by conducting extensive search operations across India.
On April 13 and 14, 2026, federal investigators targeted seven key premises located in Delhi-NCR, Goa, Jaipur, and Mumbai. The raids are part of an ongoing money laundering investigation into the 32nd Avenue Group and its promoter-directors, Anubhav Sharma and Dhruv Sharma.
The probe was triggered by several First Information Reports (FIRs) filed by the Delhi and Gurugram police departments under various sections of the Indian Penal Code.
These reports allege that the accused were orchestrating a systematic criminal enterprise characterized by the inducement of investors through fraudulent promises and the misappropriation of massive funds.
According to the ED, the investigation has uncovered a sophisticated ponzi scheme that generated proceeds of crime exceeding Rs 500 Crore.
The perpetrators allegedly lured investors by selling virtual commercial spaces, which they then claimed to lease back while providing attractive rental returns for a limited period.
However, the agency revealed that the accused would alter the layout maps of the project to sell the same virtual spaces to multiple unsuspecting buyers.
To conceal the trail of money, the funds were layered through a complex web of shell companies and benami entities. The illegal proceeds were reportedly used to fund a lavish lifestyle for the promoters, which included high-end luxury apartments in Gurugram and the acquisition of a yacht in Goa.
The recent search operations have led to significant seizures and the freezing of assets. Federal agents recovered Rs 1.05 Crore in cash and gold bullion and jewelry valued at approximately Rs 1.5 Crore. Beyond the liquid assets, the ED seized numerous incriminating documents, digital devices, and frozen several bank accounts linked to the group.
Furthermore, investigators have identified various immovable properties in Maharashtra, Goa, and Gurugram that are suspected to have been acquired using the proceeds of crime.
The legal proceedings have already seen the arrest of Dhruv Sharma and Shirin Sharma by the Haryana Police, and both individuals are currently in judicial custody. Meanwhile, Anubhav Sharma and Mamta Sharma are reported to be absconding.
The Enforcement Directorate has indicated that further investigations are currently underway to trace the full extent of the diverted funds and to apprehend the remaining suspects involved in the multi-crore fraud.