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Hardik Pandya's Step Brother Vaibhav Pandya Arrested: Cheated brother with Rs 4.3 Crore

  • Posted on April 11, 2024
  • Sports
  • By TSW NEWS DESK
  • 233 Views

The Mumbai police's Economic Offence Wing has detained Vaibhav Pandya, the stepbrother of Mumbai Indians skipper Hardik Pandya, on suspicion of defrauding the Pandya brothers out of around ₹4 crore in business. 

Hardik Pandya's Step Brother Vaibhav Pandya Arrested: Cheated brother with Rs 4.3 Crore Image Source -prabhatkhabar.com

The Mumbai Police claim that Vaibhav took more than ₹4.3 crore from the partnership firm, leaving Hardik Pandya and his brother Krunal Pandya without any money. Officials from the EOW wing told The Times of India that Vaibhav was arrested on April 10 and is accused of forgery and deception.

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The three brothers Vaibhav, Krunal, and Hardik founded a polymer company in 2021. According to the TOI story, the Pandya brothers were each supposed to contribute 40% of the company's capital, with Vaibhav contributing 20%. The agreement also said that the profits would be divided equally. Vaibhav went ahead and broke the agreement by starting a rival company that engaged in the same trade without telling the Pandya brothers. Another source who spoke with TOI said, "Around this time, profits of the original partnership dropped, causing a loss of Rs. 3 crore."

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