Mumbai police arrests Vaibhav Pandya, stepbrother of Hardik Pandya, for alleged Rs 4.3 crore business fraud
Economic Offence Wing of Mumbai police have arrested Vaibhav Pandya, stepbrother of cricketers Hardik and Krunal Pandya, for allegedly cheating them of around Rs 4 crore in business.
FollowIn a significant development, Mumbai police have arrested Vaibhav Pandya, the stepbrother of cricketers Hardik and Krunal Pandya, in connection with a high-profile case. He is accused of deceiving them of about Rs 4.3 crore in a business collaboration.
According to a Times of India report, 37-year-old Vaibhav stands accused of diverting approximately Rs 4.3 crore from a partnership firm, causing significant financial detriment to Hardik and Krunal Pandya.
The alleged misconduct involves fund diversion and breach of partnership terms. Per the report, the trio established a polymer business three years ago with specific investment percentages: each of the cricketer brothers was to contribute 40% of the capital, while Vaibhav would provide 20% and oversee daily operations. Profits were to be distributed accordingly. However, Vaibhav purportedly formed another firm in the same sector without informing his stepbrothers, violating the partnership agreement.
This clandestine move purportedly led to a decline in profits from the original venture, resulting in an estimated Rs 3 crore loss. Additionally, it's claimed that Vaibhav covertly increased his own profit share from 20% to 33.3%, further impacting the financial interests of Hardik and Krunal Pandya.
The Mumbai police's Economic Offences Wing has charged Vaibhav Pandya with cheating and forgery in connection with these allegations.
The Pandya brothers, renowned for their cricketing abilities, have not publicly addressed the situation.
Both cricketer brothers are currently immersed in their Indian Premier League commitments, with Hardik Pandya leading the Mumbai Indians and Krunal showcasing impressive performances for the Lucknow Super Giants in the 2024 season.
Hardik faced challenges in recent months due to an ankle injury sustained during the 2023 World Cup. Moreover, his appointment as captain of MI was met with resistance from the franchise's fans. The all-rounder had a difficult start to his captaincy tenure, with MI enduring three consecutive losses before securing their first victory last week, triumphing over the Delhi Capitals by 29 runs.
