Stepbrother Arrested for Alleged Fraud Against Cricketer Hardik Pandya (image-X/hardikpandya7)
On Wednesday, Vaibhav Pandya, the stepbrother of renowned cricketers Hardik and Krunal Pandya, was arrested by the Mumbai police on charges of defrauding them of approximately Rs 4.3 crore in business dealings. The arrest came following accusations of diverting funds from their partnership firm, leading to significant financial losses for the Pandya brothers.
The 37-year-old has been accused of diverting over Rs 4.3 crore from their partnership firm, causing financial harm to Hardik and Krunal, reported The Times Of India. Reportedly, the Economic Offences Wing of Mumbai police has pressed charges of cheating and forgery against Vaibhav.
The allegations revolve around a polymer business venture established by the three brothers in 2021. Under the initial agreement, Hardik and Krunal were to contribute 40 percent of the capital each, while Vaibhav would invest 20 percent. Vaibhav was also tasked with overseeing daily operations. The profits were agreed to be divided based on the same ratio.
However, the alleged misconduct involves Vaibhav”s clandestine establishment of another company in the same industry without the knowledge of the cricketer brothers, thereby breaching their partnership agreement. Reportedly, this breach led to a decrease in profits for the original venture, resulting in an estimated loss of Rs 3 crore for the Pandya brothers.
It is further alleged that Vaibhav covertly increased his share of profits from 20% to 33.3%, further impacting the financial interests of Hardik and Krunal Pandya. According to TOI, when Hardik confronted his stepbrother regarding the same, Vaibhav allegedly threatened to ruin the cricketer’s reputation.
