Vaibhav Pandya, the stepbrother of cricketers Hardik and Krunal Pandya, has been arrested by Mumbai police on charges of allegedly defrauding them of approximately Rs 4 crore in business dealings.
According to a report from The Times Of India, Vaibhav, aged 37, has been accused of diverting about Rs 4.3 crore from their partnership firm, leading to financial losses for Hardik and Krunal. The Economic Offences Wing of Mumbai police has charged Vaibhav with cheating and forgery, as per TOI officials.
The report further states that the three brothers established a polymer business in 2021. The agreement involved Hardik and Krunal contributing 40% of the capital each, while Vaibhav invested 20%. However, Subsequently, the accused started another company in the same industry without informing his brothers, which breached their agreement terms.
The alleged misconduct involves the diversion of funds and a breach of partnership terms. According to the report, the three individuals jointly founded a polymer business three years ago under specific terms. Hardik and Krunal Pandya, the cricketer brothers, were expected to invest 40% of the capital each, while Vaibhav would contribute 20% and oversee daily operations.
Profits were supposed to be distributed based on these investment shares. However, it’s alleged that Vaibhav established another company in the same industry without informing his stepbrothers, thus violating the terms of their partnership agreement.
Consequently, the original partnership’s profits decreased, resulting in an estimated loss of ₹3 crore. Additionally, it’s claimed that Vaibhav clandestinely increased his share of profits from 20% to 33.3%, further impacting Hardik and Krunal Pandya’s financial interests.
