Stepbrother of Pandya Brothers Arrested for Alleged Rs 4 Crore Fraud

Cricketer Siblings' Stepbrother Arrested for Alleged Rs 4 Crore Fraud

Mumbai police have arrested Vaibhav Pandya, the stepbrother of Indian cricketers Hardik and Krunal Pandya, for allegedly cheating them of Rs 4 crore in a business venture. Vaibhav was arrested on Monday by the Economic Offences Wing (EOW) on charges of criminal breach of trust, criminal intimidation, criminal conspiracy, forgery, and other relevant sections.

According to the police, Vaibhav, Hardik, and Krunal established a polymer business in partnership in Mumbai in 2021. Hardik and Krunal invested 40% of the capital each, while Vaibhav invested 20%. The profit-loss ratio was fixed at 2:2:1.

However, police allege that Vaibhav violated the partnership agreement by setting up another firm involved in the same business without informing his stepbrothers. This resulted in a decline in the profits of the original firm, causing a loss of Rs 3 crore to Hardik and Krunal. Vaibhav's own profits, on the other hand, increased by 20-33%.

The accused is also alleged to have diverted around Rs 1 crore from the firm to his own account, resulting in a total loss of Rs 4 crore to the cricketer siblings.

During his remand hearing on Friday, Vaibhav's lawyer claimed that the matter was a family dispute and a misunderstanding. He added that efforts were underway to resolve the issue. The police, however, sought further remand for seven days, arguing that the investigation was incomplete and material information had not been recovered from the accused.

The magistrate granted the police's request, noting that the probe agency had shown progress in the investigation and needed more time to interrogate the accused regarding the financial aspects of the case.

Tags: #Cricket, #Fraud, #EconomicOffences, #MumbaiPolice, #HardikPandya