Mumbai Police Arrests Hardik Pandya's Stepbrother, Vaibhav Pandya, on Charges of Fraud of Rs 4.5cr
Economic Offence Wing arrests Vaibhav Pandya for cheating Pandya brothers
The Economic Offence Wing of Mumbai police has detained Vaibhav Pandya, stepbrother of Mumbai Indians skipper Hardik Pandya, for allegedly cheating the brothers of around ₹4 crore in business, according to ANI.
Vaibhav broke the trust of Pandya brothers
According to Mumbai Police, Vaibhav allegedly absconded approximately ₹4.3 crore from the joint firm, resulting in a loss for Hardik Pandya and his brother Krunal Pandya. Officials from the EOW wing told the Times of India that Vaibhav was arrested on April 10 and charged with fraud and theft.
Mumbai police have apprehended Vaibhav Pandya, the stepbrother of Hardik and Krunal Pandya, in connection with a high-profile case. Allegedly, Vaibhav deceived them of around ₹4.3 crore in a business deal. The 37-year-old is accused of diverting funds from a partnership firm,… pic.twitter.com/AfJXyDADIF
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Hardik, Krunal, and Vaibhav had decided to start a polymer firm in 2021. According to the TOI article, the partnership agreement stated that the Pandya brothers would each invest 40% of their cash in the business, with Vaibhav contributing 20%. The agreement also stated that any profits generated would be split in the same manner. However, Vaibhav went ahead and disregarded the agreement by opening another firm that operated in the same trade without informing the Pandya brothers, so violating the agreement. Additionally, a source informed TOI, "Around this time, profits of the original partnership dropped, causing a loss of Rs.3 crore."
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