On Wednesday (10th April), cricketer Hardik Pandya’s stepbrother Vaibhav Pandya was arrested in Mumbai for cheating brothers Hardik and Krunal Pandya in a partnership business, and duping them of Rs 4.3 Crores. The arrested accused is 37 years old and he allegedly diverted the amount from a business firm registered in Mumbai. The Economic Offences Wing of Mumbai police charged Vaibhav Pandya with cheating and forgery.
Vaibhav Pandya, Mumbai Indians captain Hardik Pandya, and Lucknow Super Giants star Krunal Pandya jointly set up a polymer business in Mumbai in 2021. The partnership agreement stipulated that Hardik would each contribute 40% of the capital, while the stepbrother would contribute 20% and oversee daily operations. Profits were to be distributed per these percentages.
#VaibhavPandya arrested for cheating #HardikPandya in business, diverting Rs 4.3 crore. Charged with forgery after violating terms of polymer business by setting up separate trade.
— The Times Of India (@timesofindia) April 11, 2024
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Meanwhile, Vaibhav Pandya established another company operating in the same industry without notifying Hardik and Krunal, thereby breaching the terms of the partnership agreement. According to reports, one of the police sources said, “Around this time, profits of the original partnership dropped, causing a loss of Rs.3 crore.” He added that Vaibhav Pandya secretly increased his profit from 20% to 33.3%, causing losses to Hardik and Krunal Pandya.
Vaibhav Pandya purportedly redirected lakhs of rupees from the partnership firm’s account into his account, amounting to Rs 1 crore. When confronted by Hardik Pandya, Vaibhav allegedly threatened to damage his reputation. Now, the economic offences wing of the Mumbai police has arrested him in this case. Hardik Pandya is playing for Mumbai Indians in IPL 2024. He was earlier with Gujarat Lions.
