The Mumbai Police' Economic Offences Wing (EOW) has arrested the stepbrother of Indian cricket team's all-rounder and Mumbai Indians captain in IPL, Hardik Pandya. The EOW of Mumbai Police has arrested Vaibhav Pandya (37), the stepbrother of Hardik Pandya and Krunal Pandya, in a 3-year-old case of alleged fraud.
A police officer said that on the basis of Hardik's complaint, EOW has arrested Vaibhav Pandya. Currently, accused Vaibhav has been sent to 5-day police custody. According to Mumbai Police, the accused arrested by the police is the stepbrother of Pandya brothers (Hardik Pandya-Krunal Pandya) and the case in which the arrest has been made is of the year 2021.
How Vaibhav duped Pandya brothers
An EOW official said that Hardik Pandya and his elder brother Krunal Pandya and step brother Vaibhav Pandya have a polymer firm in partnership. Hardik Pandya and Krunal Pandya have 40% shares. At the same time, Vaibhav Pandya has the remaining 20% shares. These three brothers started the polymer business in the year 2021. The three together set up the polymer business. The terms of the partnership were that Hardik Pandya and Krunal Pandya would invest 40% of the capital each while step brother Vaibhav Pandya would invest 20 percent of the capital.
According to the condition, Vaibhav Pandya had the full responsibility of running the firm. The profit earned from the polymer business was also to be divided in the same proportion. But in the meantime, Vaibhav Pandya violated the terms of the partnership and started another polymer firm without the knowledge of Hardik Pandya and Krunal Pandya. Instead of giving the money from the profit of the partnership company to his brothers, Vaibhav Pandya formed a separate company and transferred it to it. Hardik and Krunal Pandya have suffered a loss of Rs 4.3 crore due to this.
An EOW official said that the profit of the partnership company decreased by Rs 3 crore. The step brother increased his profit from 20% to 33.3% without informing anyone. Step brother Vaibhav Pandya transferred Rs 1 crore from the partnership firm's account to his separate firm.
Hardik and Krunal Pandya haven't yet commented on the matter.
