In a recent development related to a Rs 500 crore ponzi scheme fraud, the Enforcement Directorate (ED) conducted searches at seven premises in Delhi-NCR, Goa, Jaipur, and Mumbai associated with the 32nd Avenue Group. During the operation, the ED seized cash amounting to Rs 1.05 crore and jewelry valued at Rs 1.5 crore. The searches targeted the company’s promoter-directors, Anubhav Sharma and Dhruv Sharma, among others, on April 13 and 14.
The ED revealed that the company’s directors and promoters, including Anubhav Sharma and Dhruv Sharma, were utilizing funds collected from unsuspecting investors to maintain a luxurious lifestyle. This lifestyle reportedly included owning high-end apartments in Gurugram and a yacht in Goa. Notably, Dhruv Sharma and Shirin Sharma have been arrested by the Haryana Police and are currently in Judicial Custody, while Anubhav Sharma and Mamta Sharma are currently evading authorities.
The ED’s investigation was initiated based on multiple FIRs filed by the Delhi Police and Gurugram Police against Anubhav Sharma, Dhruv Sharma, and others under various sections of the Indian Penal Code. The accused individuals were found to be engaged in organized criminal activities involving the deception of investors, misappropriation of funds, and money laundering through various entities, leading to the generation of significant proceeds of crime exceeding Rs 500 crore.
According to the ED’s findings, the accused generated proceeds of crime surpassing Rs 500 crore through illicit activities involving the diversion of investors’ funds. These funds were then funneled through multiple accounts of shell entities. The investigation further uncovered that the accused sold virtual spaces to multiple investors, leased them, and promised attractive rental returns for a limited period before reselling the same spaces to other investors. This operation constituted a fraudulent Ponzi scheme within the illegal virtual commercial space, deceiving a wide section of the public.
