ED Raids 32nd Avenue Group in Rs 500 Crore Ponzi Scheme, Seizes Assets
The Enforcement Directorate (ED) conducted search operations at seven premises linked to the 32nd Avenue Group across Delhi-NCR, Goa, Jaipur, and Mumbai as part of an investigation into a Rs 500 crore Ponzi scheme. During the raids on April 13 and 14, authorities seized Rs 1.05 crore in cash and jewellery worth Rs 1.5 crore. The accused, including promoter-directors Anubhav Sharma and Dhruv Sharma, allegedly defrauded investors by selling virtual commercial spaces and offering attractive rental returns before reselling the same units using forged documents. Funds were diverted for lavish lifestyles, including high-end apartments and a yacht, and laundered through shell entities. While Dhruv Sharma and Shirin Sharma are in judicial custody, Anubhav Sharma and Mamta Sharma remain absconding. The ED described the activity as organized crime involving fund misappropriation and creation of proceeds of crime. The investigation stems from multiple FIRs registered by Delhi and Gurugram Police under the Indian Penal Code.
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ED Raids 32nd Avenue Group in Rs 500 Crore Ponzi Scheme, Seizes Assets
The Enforcement Directorate (ED) conducted search operations at seven premises linked to the 32nd Avenue Group across Delhi-NCR, Goa, Jaipur, and Mumbai as part of an investigation into a Rs 500 crore Ponzi scheme. During the raids on April 13 and 14, authorities seized Rs 1.05 crore in cash and jewellery worth Rs 1.5 crore. The accused, including promoter-directors Anubhav Sharma and Dhruv Sharma, allegedly defrauded investors by selling virtual commercial spaces and offering attractive rental returns before reselling the same units using forged documents. Funds were diverted for lavish lifestyles, including high-end apartments and a yacht, and laundered through shell entities. While Dhruv Sharma and Shirin Sharma are in judicial custody, Anubhav Sharma and Mamta Sharma remain absconding. The ED described the activity as organized crime involving fund misappropriation and creation of proceeds of crime. The investigation stems from multiple FIRs registered by Delhi and Gurugram Police under the Indian Penal Code.
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