Pandya Brothers' Stepbrother Vaibhav's Custody Extended in Rs 4 Crore Cheating Case

Cricketer Pandya Brothers' Stepbrother Vaibhav Pandya's Police Custody Extended in Rs 4 Crore Cheating Case

Mumbai Police's Economic Offences Wing (EOW) has secured an extension of police custody for Vaibhav Pandya, the stepbrother of Indian cricketers Hardik and Krunal Pandya, until April 19. Vaibhav was arrested on April 8 for allegedly cheating the Pandya brothers of over Rs 4 crore through a joint business venture.

According to the police, the Pandya brothers and Vaibhav had established a partnership-based firm in Mumbai in 2021 to launch a polymer business. The brothers invested 40% each, while Vaibhav contributed the remaining 20%. As per the agreement, Vaibhav was responsible for managing the daily operations, and profits were to be distributed equally.

However, the police allege that Vaibhav violated the partnership agreement by setting up a separate firm in the same industry without informing his stepbrothers. This allegedly led to a decline in the profits of the original partnership firm, resulting in a loss of approximately Rs 3 crore.

Furthermore, Vaibhav is accused of increasing his own profit share from 20% to 33%, causing financial harm to Hardik and Krunal Pandya. He is also alleged to have diverted funds from the partnership account to his own, amounting to around Rs 1 crore.

During his previous court appearance, Vaibhav claimed that the case was a "family matter" and the result of a misunderstanding. However, his lawyer did not oppose the EOW's request for an extension of custody, which was granted by the magistrate court.

The investigation into the case is ongoing, and the police are expected to gather further evidence to support their allegations against Vaibhav Pandya.

Tags: #Cricket, #PandyaBrothers, #Cheating, #EconomicOffences, #PoliceCustody