The Cricketer siblings Hardik and Krunal Pandya have filed a complaint against his stepbrother Vaibhav Pandya for cheating INR 4 crore in a business venture.
Hardik’s Stepbrother Vaibhav Pandya Opens on EOW Custody
Vaibhav Pandya was arrested by EOW on Monday for cheating the Pandya Brothers in a business venture, told that it was entirely a family matter in Mumbai court on Friday.
He was produced before additional chief metropolitan magistrate LS Padhen where Vaibhav Pandya submitted through his lawyer. During his remand hearing his police custody was extended till April 16.
The EOW had sought further remand for seven days that the probe was not complete and material information had not been recovered from the accused as yet. The magistrate after hearing both sides, noted the probe agency had shown progress in the investigation and it needed more time to interrogate the accused as there were various financial aspects connected to the case.
According to police, Vaibhav Pandya has been allegedly diverted around INR 4.3 crore from the partnership firm, causing a loss to Hardik Pandya and Krunal Pandya.
Vaibhav, Hardik, and Krunal set up a polymer business in partnership in Mumbai in 2021. Hardik and Krunal invested 40% of the capital each while Vaibhav invested 20% and the profit loss was fixed in the 2:2:1.
It was decided that Vaibhav would handle the daily operations of the business, but he allegedly set up another firm involved in the same business without informing Hardik and Krunal, in the process violating the partnership provisions.
However, Vaibhav Pandya instead of sharing the profit formed a separate entity and diverted the funds from the former business entity.
The profits of the original firm came down, which resulted in a loss of INR 3 crore to Hardik and Krunal while Vaibhav’s profit own profit increased by 20-23%. The accused also allegedly diverted around 1 crore from the firm to his own account, police said resulting in a total loss of Rs 4 crore to the cricketer siblings.
Under Hardik’s Captaincy, Mumbai Indians lost the first three matches of the IPL 2024 campaign and secured victory against Delhi Capitals and Royal Challengers Bangalore. They are currently placed in the 8th position of the IPL 2024 points table.
Mumbai Indians will be playing their next match against Chennai Super Kings on April 14 at Wankhede Stadium.
