India, Feb. 11 -- Dhruv Dutt Sharma, the chief executive of the firm behind the 32nd Avenue commercial real estate project, was arrested by the Gurugram police on Friday in a Rs.500-crore cheating case.

Officially, the scam is worth Rs.500. However, unofficially, authorities believe he has duped people of over Rs.1,000 crore, HT has learnt.

A 34-year-old Sharma, resident of DLF Camellias in Sector 42 on Golf Course Road, was arrested by the Gurugram police's Economic Offences Wing (EOW) and produced before a local court on Friday, which remanded him to six days of police custody.

A first information report (FIR) was filed under Indian Penal Code (IPC) sections 120-B (criminal conspiracy) and 420 (cheating and dishonestly inducing deliv...