On Tuesday, a local court extended the police custody of Vaibhav, the stepbrother of cricketers Hardik and Krunal Pandya, until April 19. Vaibhav is accused of defrauding them of Rs 4 crore in a shared business venture.
The Economic Offences Wing (EOW) of the Mumbai Police presented Vaibhav in the Magistrate Court and requested to extend his police custody. EOW officials informed the court that Vaibhav transferred money to certain places and it needs to be traced.
The officer told the court that Rs 4 crore of fraud money had gone into Vaibhav's account and Vaibhav had transferred that money to several accounts. Vaibhav's lawyer did not object to the EOW's remand demand for Vaibhav, after which the court ordered to extend Vaibhav's remand till Friday.
The last time Vaibhav was produced in court after his arrest, he told the court through his lawyer that the entire matter is a family one and it has happened just because of a misunderstanding.
Vaibhav was arrested by the police after Hardik and Krunal accused him of fraud and forgery. Hardik, Krunal and Vaibhav jointly started the polymer business three years ago. Hardik and Krunal had 40-40 percent stake in it, while their step brother Vaibhav had a 20 percent stake and Vaibhav was also responsible for handling the day-to-day operations of the business.
According to the partnership agreement, the profit sharing among the three was decided under this. But the allegation is that Vaibhav started another similar business without informing Hardik and Krunal, which is a violation of the partnership agreement. The result of this was that the profits of the original business declined among these three, due to which they suffered a loss of about four crore rupees.Vaibhav has also been accused of secretly increasing his profit share from 20 per cent to 33.3 per cent, which financially affected Hardik and Krunal.
