1. Mumbai police arrest Vaibhav Pandya, stepbrother of cricketers Hardik Pandya and Krunal, over ₹4.3 crore fraud.
2. Vaibhav, aged 37, allegedly diverted funds from a partnership firm, causing financial losses to his stepbrothers.
3. The case involves accusations of forgery and financial misconduct against Vaibhav Pandya.
Sports, April 11: The Mumbai police have arrested Vaibhav Pandya, stepbrother of cricketers Hardik Pandya and Krunal Pandya, in connection with a case involving alleged fraud amounting to ₹4.3 crore.
Alleged Misconduct and Financial Loss
Vaibhav Pandya, aged 37, stands accused of diverting funds amounting to ₹4.3 crore from a partnership firm, resulting in significant financial losses for his stepbrothers, Hardik and Krunal Pandya.
The alleged misconduct includes diverting funds and breaching the terms of the partnership agreement.
Partnership Agreement Violation
The trio had jointly established a polymer business three years ago with specific terms: Hardik and Krunal were to invest 40% of the capital each, while Vaibhav would contribute 20% and manage daily operations.
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Profits were to be distributed based on these shares. However, Vaibhav purportedly set up another firm in the same trade without informing his stepbrothers, thereby violating the partnership agreement.
Financial Impact and Charges
The undisclosed establishment of the second firm reportedly led to a decline in profits from the original partnership, resulting in an estimated loss of ₹3 crore.
Additionally, it is alleged that Vaibhav secretly increased his profit share from 20% to 33.3%, further impacting the financial interests of Hardik and Krunal Pandya.
The Economic Offences Wing of the Mumbai police has charged Vaibhav Pandya with cheating and forgery in connection with these actions.
Cricketer Brothers’ IPL Commitments
While this legal matter unfolds, both Hardik and Krunal Pandya are actively involved in the ongoing Indian Premier League (IPL) season. Hardik leads the Mumbai Indians, while Krunal has been showcasing impressive performances for the Lucknow Super Giants.
Challenges and Recovery
Hardik Pandya, in particular, faced challenges in recent months as he recovered from an ankle injury sustained during the 2023 World Cup. Additionally, his tenure as the captain of the Mumbai Indians commenced amidst opposition from the franchise’s fans.
Despite initial setbacks, MI secured their first win under Hardik’s captaincy recently, defeating the Delhi Capitals by 29 runs
