Hardik Pandya's Stepbrother Vaibhav Pandya arrested for Cheating and Forgery of Rs 4 Crore

Add as a preferred source on Google

Mumbai Indians captain Hardik Pandya's stepbrother Vaibhav Pandya has been arrested by the Economic Offence Wing (EOW) of Mumbai police on Wednesday (April 10).

Vaibhav is accused of defrauding the Pandya brothers of over Rs 4 crore in a business venture. According to Mumbai Police, Vaibhav diverted approximately Rs 4.3 crore from their joint partnership firm, resulting in financial losses to both Hardik Pandya and his brother Krunal Pandya.

Charged with cheating and forgery, the arrest raises serious questions about the internal dynamics within the Pandya family and their business dealings.

The trio, Hardik, Krunal, and Vaibhav, started a polymer business venture in 2021, with an agreement that Hardik and Krunal would each contribute 40% of the capital, while Vaibhav would add 20%. Profits were to be distributed in line with these contributions.

However, Vaibhav reportedly breached this agreement by setting up a competing firm in the same industry without informing his brothers. This move not only violated their agreement but also led to a significant drop in profits for the original partnership, resulting in a loss of Rs 3 crore.

A complaint was launched against Vaibhav and action has been taken against it. The allegations against Vaibhav are serious as he cheated his stepbrothers and defrauded the two Indian cricketers unlawfully and unjustly.