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By Staff Reporter
Chorao Island — Goa’s scenic river islands have found themselves at the centre of a massive ₹500 crore fraud investigation involving the controversial 32nd Avenue Group, also known as 32nd Milestone, with authorities probing alleged investor fraud, money laundering, illegal land dealings, and luxury asset purchases tied to the group’s ambitious “32nd Chorao” project.
The case took a dramatic turn after the Enforcement Directorate seized a luxury yacht moored in Goa, believed to have been purchased using proceeds from the alleged Ponzi-style scam. Investigators claim the yacht formed part of an extravagant lifestyle funded through investor money siphoned by the company’s promoters.
According to investigating agencies, the promoters allegedly attracted between 500 and 1,000 investors by marketing high-return commercial investment schemes and “virtual commercial spaces,” while reportedly selling the same units to multiple buyers.
Authorities allege that funds collected from investors were diverted into luxury assets including high-end villas, penthouses, land acquisitions, and coastal developments in Goa.
At the centre of the Goa connection is the heavily promoted “32nd Chorao” project, advertised as “India’s first sustainable luxury initiative” planned in the backwaters of Chorao Island. The project promised eco-conscious luxury tourism experiences including floating villas and waterfront leisure developments.
However, long before the fraud allegations surfaced, residents of Chorao and neighboring Divar Island had already launched strong protests against mega-development projects on the islands.
Villagers accused developers of threatening the fragile ecology of the region, particularly the mangroves, khazan lands, wetlands, and the internationally recognized Dr. Salim Ali Bird Sanctuary.
Large banners reading “Welcome to Chorao, Our Island Not For Sale” and “Save Chorao, Say No to Mega Projects” became symbols of local resistance against commercialization and large-scale tourism ventures.
Residents also feared that luxury developments would strain the island’s limited freshwater and electricity resources while permanently altering Chorao’s traditional Goan identity and close-knit community structure.
The Enforcement Directorate’s ongoing probe has reportedly uncovered cash worth over ₹1 crore and gold bullion valued at approximately ₹1.5 crore during raids connected to the group. Authorities are also investigating allegations of illegal land acquisition and financial irregularities under the Prevention of Money Laundering Act (PMLA).
Reports indicate that key promoters, including Dhruv Sharma and Shirin Sharma, are in judicial custody, while investigators continue searching for other absconding directors linked to the operation.
The scandal has intensified public scrutiny over luxury tourism projects and rapid commercialization in Goa, further strengthening the broader “Save Goa” movement that opposes unchecked development across the state.
For many islanders, the unfolding fraud case has reinforced their long-standing warning that Chorao’s fragile ecology and heritage must not become collateral damage in the pursuit of luxury real estate and speculative tourism ventures.